A class-action lawsuit against Terraform Labs and
its Co-Founders will advance in Singapore. This follows a decision by the High
Court to dismiss the defendants’ appeal. It marked an important milestone in a
case initiated by Julian Moreno Beltran and Douglas Gan on behalf of multiple
parties, the Business Times reported.

Following the collapse of UST tokens in May last
year, multiple lawsuits have emerged against Terraform and its associated
entities. This particular class-action suit, initiated by Beltran and Douglas
Gan, was filed in September 2022, representing 377 parties.

Fraud Allegations and Extradition Requests

The dismissal of the appeal by the defendants on
November 30, 2023, signifies a significant stride in the progress of the
lawsuit faced by Terraform and its co-founders. The lawsuit involves
allegations of fraud against Terraform; its Co-Founders Do Kwon and Nikolaos
Alexandros Platias, and Luna Foundation Guard.

The plaintiffs contend that misrepresented
information led them to purchase and hold UST tokens despite their drastic
devaluation. Recently, a court in Montenegro dismissed Terraform’s attempts at arbitration, paving the way for his extradition.

The collapse of UST, originally pegged to the US
dollar at 1:1, triggered claims of nearly US$57 million in losses by affected
individuals. This included filing a defense and counterclaim and seeking
substantive remedies, indicating acceptance of the court’s jurisdiction. Kwon
faces significant legal challenges and could be extradited to the US or South
Korea.

Do Kwon’s Arrest and Legal Challenges

Kwon and Han Chong-Joon, Terraform’s Former CFO,
were arrested while attempting to travel to Dubai. The duo was sentenced to a four-month jail term in Montenegro for possession of forged passports and
falsified documents. Despite initial bail set at €400,000, it was voided on
appeal, with Kwon denying knowledge of the documents’ forgery.

Confiscation of fake passports and identity cards
from the executives led to their conviction, with a bail initially granted but
later voided due to incomplete property assessment. The charges against Kwon
include commodities fraud, securities fraud, wire fraud, and conspiracy.

Kwon’s assertion of obtaining travel documents
through a Singapore-recommended agency, unaware of their forgery, contrasts the
court’s decision. The collapse of Terra’s digital assets in May last year
triggered legal ramifications, with fraud charges from US federal prosecutors
compounding Kwon’s legal predicament.

A class-action lawsuit against Terraform Labs and
its Co-Founders will advance in Singapore. This follows a decision by the High
Court to dismiss the defendants’ appeal. It marked an important milestone in a
case initiated by Julian Moreno Beltran and Douglas Gan on behalf of multiple
parties, the Business Times reported.

Following the collapse of UST tokens in May last
year, multiple lawsuits have emerged against Terraform and its associated
entities. This particular class-action suit, initiated by Beltran and Douglas
Gan, was filed in September 2022, representing 377 parties.

Fraud Allegations and Extradition Requests

The dismissal of the appeal by the defendants on
November 30, 2023, signifies a significant stride in the progress of the
lawsuit faced by Terraform and its co-founders. The lawsuit involves
allegations of fraud against Terraform; its Co-Founders Do Kwon and Nikolaos
Alexandros Platias, and Luna Foundation Guard.

The plaintiffs contend that misrepresented
information led them to purchase and hold UST tokens despite their drastic
devaluation. Recently, a court in Montenegro dismissed Terraform’s attempts at arbitration, paving the way for his extradition.

The collapse of UST, originally pegged to the US
dollar at 1:1, triggered claims of nearly US$57 million in losses by affected
individuals. This included filing a defense and counterclaim and seeking
substantive remedies, indicating acceptance of the court’s jurisdiction. Kwon
faces significant legal challenges and could be extradited to the US or South
Korea.

Do Kwon’s Arrest and Legal Challenges

Kwon and Han Chong-Joon, Terraform’s Former CFO,
were arrested while attempting to travel to Dubai. The duo was sentenced to a four-month jail term in Montenegro for possession of forged passports and
falsified documents. Despite initial bail set at €400,000, it was voided on
appeal, with Kwon denying knowledge of the documents’ forgery.

Confiscation of fake passports and identity cards
from the executives led to their conviction, with a bail initially granted but
later voided due to incomplete property assessment. The charges against Kwon
include commodities fraud, securities fraud, wire fraud, and conspiracy.

Kwon’s assertion of obtaining travel documents
through a Singapore-recommended agency, unaware of their forgery, contrasts the
court’s decision. The collapse of Terra’s digital assets in May last year
triggered legal ramifications, with fraud charges from US federal prosecutors
compounding Kwon’s legal predicament.

The Brazilian Senate has passed legislation
proposing a 15% income tax on crypto gains from offshore exchanges, awaiting
final approval from the country’s President. This proposal is slated for
potential enactment on January 1.

The recently approved bill by the Brazilian Senate
aims to introduce a 15% tax on earnings garnered from cryptocurrencies held on
offshore exchanges, Cointelegraph reported. If authorized, this tax law would impact Brazilians who
earn more than $1,200 from foreign exchanges and investment funds with a single
shareholder.

Brazil’s Fast-Paced Crypto Landscape

The anticipated revenue from this tax reform is
substantial, with the government targeting $4 billion for the forthcoming year.
Despite its potential financial implications, the legislation has met
criticism. Brazilian Senator Rogerio Marinho voiced dissent, attributing the
introduction of this tax to poor management by the government.

Brazil‘s crypto market has witnessed rapid growth,
ranking ninth globally in terms of crypto adoption. The country has seen a
surge in assets under management for spot Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term exchange-traded funds, with
approximately $100 million in holdings.

Brazil’s burgeoning interest in digital assets has
attracted global attention, leading various international crypto exchanges to
establish a presence in the country. Apart from Mercado Bitcoin, other players
holding Brazilian payment licenses include Crypto.com and Bitso.

In August, Binance introduced the Binance Pay service to the Brazilian market. The exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term said that the unveiling of this
contactless crypto payment platform aims to revolutionize payment methods,
offering Brazilian users an array of digital asset choices and seamless
transactions.

Crypto Firms Race to Establish Presence in Brazil

Binance Pay’s expansion into Brazil signified a leap
forward in the crypto payment sector, catering to the growing demand for
digital currency transactions in the country. With a diverse selection of over
70 cryptocurrencies, including Bitcoin, BNB, Ether, and USDT, the service aims
to provide Brazilian users with a suite of payment options.

Binance Pay boasts zero transaction fees and offers
merchants the flexibility to accept payments in Brazilian Real or directly in
various cryptocurrencies. The crypto exchange teamed up with Weo Games, a
gaming store featuring popular titles like Free Fire, Valorant, and League of
Legends.

The Brazilian Senate has passed legislation
proposing a 15% income tax on crypto gains from offshore exchanges, awaiting
final approval from the country’s President. This proposal is slated for
potential enactment on January 1.

The recently approved bill by the Brazilian Senate
aims to introduce a 15% tax on earnings garnered from cryptocurrencies held on
offshore exchanges, Cointelegraph reported. If authorized, this tax law would impact Brazilians who
earn more than $1,200 from foreign exchanges and investment funds with a single
shareholder.

Brazil’s Fast-Paced Crypto Landscape

The anticipated revenue from this tax reform is
substantial, with the government targeting $4 billion for the forthcoming year.
Despite its potential financial implications, the legislation has met
criticism. Brazilian Senator Rogerio Marinho voiced dissent, attributing the
introduction of this tax to poor management by the government.

Brazil‘s crypto market has witnessed rapid growth,
ranking ninth globally in terms of crypto adoption. The country has seen a
surge in assets under management for spot Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term exchange-traded funds, with
approximately $100 million in holdings.

Brazil’s burgeoning interest in digital assets has
attracted global attention, leading various international crypto exchanges to
establish a presence in the country. Apart from Mercado Bitcoin, other players
holding Brazilian payment licenses include Crypto.com and Bitso.

In August, Binance introduced the Binance Pay service to the Brazilian market. The exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term said that the unveiling of this
contactless crypto payment platform aims to revolutionize payment methods,
offering Brazilian users an array of digital asset choices and seamless
transactions.

Crypto Firms Race to Establish Presence in Brazil

Binance Pay’s expansion into Brazil signified a leap
forward in the crypto payment sector, catering to the growing demand for
digital currency transactions in the country. With a diverse selection of over
70 cryptocurrencies, including Bitcoin, BNB, Ether, and USDT, the service aims
to provide Brazilian users with a suite of payment options.

Binance Pay boasts zero transaction fees and offers
merchants the flexibility to accept payments in Brazilian Real or directly in
various cryptocurrencies. The crypto exchange teamed up with Weo Games, a
gaming store featuring popular titles like Free Fire, Valorant, and League of
Legends.

A recent court ruling has granted FTX permission to
sell approximately $873 million worth of assets held in trust. Around $700
million of these assets are from Grayscale’s primary offering, the Grayscale
Bitcoin Trust (GBTC).

The approval, dated November 29 and issued by a
Delaware bankruptcy court, enables the defunct crypto exchange to liquidate
holdings in trusts managed by Grayscale Investments and Bitwise. It marks a
significant step in repaying creditors impacted by the collapse of the
exchange.

The authorization was prompted by a motion filed by
FTX’s debtors on November 3, requesting the sale of six cryptocurrency trusts,
including the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE),
and Bitwise 10 Crypto Index Fund.

FTX’s Grayscale Trust Assets Cleared for Sale

FTX’s holdings in Grayscale, notably 22 million
units of GBTC and 6.3 million shares of ETHE comprise a substantial portion of
the assets marked for sale. The total amount of these assets is $691 million
and approximately $106 million, respectively.

The sale of the sanctioned assets involves FTX’s
stakes in various trusts issued by Grayscale Investments, which are valued at
$807 million. Additionally, it includes a stake at Bitwise valued at $66
million.

Grayscale Investments, renowned for selling
investments linked to various digital currencies, structures and manages trusts
through which buyers acquire shares rather than holding the actual currencies themselves.

FTX, under the leadership of John. J Ray III has
been working to recuperate assets following the downfall of Sam Bankman-Fried’s
enterprise in November 2022. The efforts have led to the recovery of
approximately $7 billion in assets, with cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term accounting for nearly
half of the recovered sum, around $3.4 billion.

Recently, the entities overseeing FTX’s bankruptcy
process filed a lawsuit targeting Bybit’s Mirana Corp. The lawsuit alleges that
Mirana Corp received a substantial sum of $935 million in transfers prior to
FTX’s bankruptcy filing. These transfers were allegedly intended to hinder,
delay, or defraud FTX.com’s present or future creditors.

FTX Targets Alleged Fraudulent Asset Transfers

The lawsuit asserts that the transfers to Mirana
Corp and Time Research, among other entities, should be classified as
fraudulent. FTX’s administrators argue that Mirana Corp received assets worth
$837,815,847, while Time Research was allocated $47,995,279.

FTX and its affiliates
Affiliates

Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T

Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T
Read this Term filed for bankruptcy
following management controversies, leading to legal actions against its former
CEO, Sam Bankman-Fried, and other executives. John J. Ray III assumed the CEO
role post-bankruptcy, overseeing the exchange’s transition and asset liquidation process.

The creditors of the crypto exchange are evaluating
the legality of recovering endorsement fees paid to athletes and sports clubs,
including prominent figures like Shaquille O’Neal, Naomi Osaka, David Ortiz,
Trevor Lawrence, and sports teams like the Golden State Warriors and Miami
Heat. These examinations aim to address financial aspects amidst the bankruptcy
proceedings.

A recent court ruling has granted FTX permission to
sell approximately $873 million worth of assets held in trust. Around $700
million of these assets are from Grayscale’s primary offering, the Grayscale
Bitcoin Trust (GBTC).

The approval, dated November 29 and issued by a
Delaware bankruptcy court, enables the defunct crypto exchange to liquidate
holdings in trusts managed by Grayscale Investments and Bitwise. It marks a
significant step in repaying creditors impacted by the collapse of the
exchange.

The authorization was prompted by a motion filed by
FTX’s debtors on November 3, requesting the sale of six cryptocurrency trusts,
including the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE),
and Bitwise 10 Crypto Index Fund.

FTX’s Grayscale Trust Assets Cleared for Sale

FTX’s holdings in Grayscale, notably 22 million
units of GBTC and 6.3 million shares of ETHE comprise a substantial portion of
the assets marked for sale. The total amount of these assets is $691 million
and approximately $106 million, respectively.

The sale of the sanctioned assets involves FTX’s
stakes in various trusts issued by Grayscale Investments, which are valued at
$807 million. Additionally, it includes a stake at Bitwise valued at $66
million.

Grayscale Investments, renowned for selling
investments linked to various digital currencies, structures and manages trusts
through which buyers acquire shares rather than holding the actual currencies themselves.

FTX, under the leadership of John. J Ray III has
been working to recuperate assets following the downfall of Sam Bankman-Fried’s
enterprise in November 2022. The efforts have led to the recovery of
approximately $7 billion in assets, with cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term accounting for nearly
half of the recovered sum, around $3.4 billion.

Recently, the entities overseeing FTX’s bankruptcy
process filed a lawsuit targeting Bybit’s Mirana Corp. The lawsuit alleges that
Mirana Corp received a substantial sum of $935 million in transfers prior to
FTX’s bankruptcy filing. These transfers were allegedly intended to hinder,
delay, or defraud FTX.com’s present or future creditors.

FTX Targets Alleged Fraudulent Asset Transfers

The lawsuit asserts that the transfers to Mirana
Corp and Time Research, among other entities, should be classified as
fraudulent. FTX’s administrators argue that Mirana Corp received assets worth
$837,815,847, while Time Research was allocated $47,995,279.

FTX and its affiliates
Affiliates

Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T

Affiliates serve as an essential component of a broker’s client acquisition tactics and marketing. One of the most important functions of affiliate marketers is the sending of leads to the broker, which are directly opening an account or visiting the broker’s website. There are several ways in which brokers are compensating affiliates based on the number and type of clients they refer to the company and whether or not or how much they end up depositing.Understanding CPA or Cost Per Acquisition T
Read this Term filed for bankruptcy
following management controversies, leading to legal actions against its former
CEO, Sam Bankman-Fried, and other executives. John J. Ray III assumed the CEO
role post-bankruptcy, overseeing the exchange’s transition and asset liquidation process.

The creditors of the crypto exchange are evaluating
the legality of recovering endorsement fees paid to athletes and sports clubs,
including prominent figures like Shaquille O’Neal, Naomi Osaka, David Ortiz,
Trevor Lawrence, and sports teams like the Golden State Warriors and Miami
Heat. These examinations aim to address financial aspects amidst the bankruptcy
proceedings.

The UK government has tightened its grip on unpaid
crypto taxes, urging users to voluntarily disclose capital gains or income
related to cryptocurrencies like Bitcoin, NFTs, and utility tokens. Crypto
users in the UK have been urged to declare their gains from cryptocurrencies to
avoid penalties from the Treasury.

In a recent announcement, the UK Treasury aims to
streamline tax compliance within the fast-growing digital asset landscape.
Thus, crypto users must scrutinize their earnings from this asset class. The UK
government has set a 30-day window for users to disclose any unpaid crypto
taxes.

Evolving Crypto Tax Regulations in the UK

Failure to adhere to this deadline could lead to
consequences, including measures taken by the Treasury to recover unpaid
amounts. The recent announcement by HM Revenue & Customs has highlighted
its commitment to protecting consumers from potential risks within the crypto
space.

The proposed regulations intend to curtail the entry
of malicious entities into the crypto market, thus diminishing the chances of
money laundering activities occurring within the decentralized and anonymous
crypto landscape.

Following recent changes in the legislation
affecting crypto promotions targeting consumers in the UK consumers, the
Financial Conduct Authority unveiled updated guidance aimed at steering crypto
asset firms through the evolving marketing
Marketing

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Read this Term regulations.

These rules focus on aligning crypto marketing regulations with those governing high-risk investments. The guidance aims to
ensure consumers have a clearer understanding of the risks associated with
crypto investments.

Changes in the UK’s Self-Assessment Forms

In March, the UK government announced plans to
incorporate a separate section in self-assessment tax return forms for crypto
holders to disclose crypto-related gains. This move, slated for the 2024-25
fiscal year, aims to streamline reporting requirements for individuals and
trusts dealing with crypto assets, the Financial Times reported.

The amendments aim to mitigate the potential
oversight of reporting requirements by investors and enable tax officials to
cross-reference customer details more effectively.

The UK’s move towards refining tax reporting forms
aligned with broader efforts to establish the country as a global crypto hub
Hub

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method
Read this Term.
The regulatory initiatives include rules governing crypto issuance, lending,
and trading.

The UK government has tightened its grip on unpaid
crypto taxes, urging users to voluntarily disclose capital gains or income
related to cryptocurrencies like Bitcoin, NFTs, and utility tokens. Crypto
users in the UK have been urged to declare their gains from cryptocurrencies to
avoid penalties from the Treasury.

In a recent announcement, the UK Treasury aims to
streamline tax compliance within the fast-growing digital asset landscape.
Thus, crypto users must scrutinize their earnings from this asset class. The UK
government has set a 30-day window for users to disclose any unpaid crypto
taxes.

Evolving Crypto Tax Regulations in the UK

Failure to adhere to this deadline could lead to
consequences, including measures taken by the Treasury to recover unpaid
amounts. The recent announcement by HM Revenue & Customs has highlighted
its commitment to protecting consumers from potential risks within the crypto
space.

The proposed regulations intend to curtail the entry
of malicious entities into the crypto market, thus diminishing the chances of
money laundering activities occurring within the decentralized and anonymous
crypto landscape.

Following recent changes in the legislation
affecting crypto promotions targeting consumers in the UK consumers, the
Financial Conduct Authority unveiled updated guidance aimed at steering crypto
asset firms through the evolving marketing
Marketing

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t

Marketing is defined as the business process of identifying, anticipating and satisfying customers’ needs and wants.This is a crucial element of any operation or brokerage in the financial services space. Well-funded marketing campaigns are instrumental to the survival and longevity of these companies in an increasingly competitive industry.Within the forex space, marketers perform a wide range of functions to help procure, secure, or retain clients.In particular, newer forex brokers also have t
Read this Term regulations.

These rules focus on aligning crypto marketing regulations with those governing high-risk investments. The guidance aims to
ensure consumers have a clearer understanding of the risks associated with
crypto investments.

Changes in the UK’s Self-Assessment Forms

In March, the UK government announced plans to
incorporate a separate section in self-assessment tax return forms for crypto
holders to disclose crypto-related gains. This move, slated for the 2024-25
fiscal year, aims to streamline reporting requirements for individuals and
trusts dealing with crypto assets, the Financial Times reported.

The amendments aim to mitigate the potential
oversight of reporting requirements by investors and enable tax officials to
cross-reference customer details more effectively.

The UK’s move towards refining tax reporting forms
aligned with broader efforts to establish the country as a global crypto hub
Hub

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method

A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method
Read this Term.
The regulatory initiatives include rules governing crypto issuance, lending,
and trading.

Binance.US has made it clear that it is distinct its
parent company, stating that it operates independently and is not involved in
the recent enforcement settlements against Binance and its Former CEO,
Changpeng Zhao. The exchange has emphasized that it is compliant with the US
regulations although it shares technology with Binance.

In light of the recent developments, Zhao has stepped
down from his position as Chairman of Binance.US’s Board of Directors. This
decision involves transferring voting rights and relinquishing governance.

According to a statement issued by the company on X (formerly
Twitter), Binance.US has expressed gratitude for CZ’s important role in guiding
the platform. Norman Reed, the new CEO of Binance.US will continue to lead the
crypto exchange.

SEC Investigations, CZ’s Legal Battles, and Penalties

Currently, the Securities and Exchange Commission
(SEC) is investigating Binance and Zhao. The regulator is probing alleged
control of Binance’s affiliate in the US by the global crypto exchange. Binance.US
faces ongoing regulatory actions from the SEC regarding alleged unregistered
securities offerings to US investors.

Meanwhile, a federal judge has issued a ruling,
restricting CZ’s return to the UAE. Judge Richard Jones suspended a decision to
allow CZ to travel to the UAE until a decision is made following his guilty
plea for violating anti-money laundering and US sanctions violations.

CZ’s plea deal includes a bond of $175 million,
secured by $15 million in cash, ensuring his appearance for sentencing. Despite
stepping down as Binance’s CEO, he faces a potential maximum prison term of 10
years, expected to be reduced to 18 months, and a $50 million fine.

Binance itself admitted guilt, agreeing to pay $4.3
billion in penalties. The charges include civil lawsuits, including one
involving celebrity endorsers like Cristiano Ronaldo, Jimmy Butler, Graham
Stephan, and Ben Armstrong.

Binance’s Multi-Front Enforcement Actions

Binance agreed to pay over $7.1 billion in combined
settlements to the US Department of Justice (DoJ) and the Commodity Futures
Trading Commission.

In addition to the financial penalties, Zhao and Former
Chief Compliance Officer, Samuel Lim, face civil monetary penalties. Zhao has
since stepped down as Binance’s CEO. The exchange will exit the US and comply
with stringent sanctions obligations, subject to a five-year monitorship.

The settlement does not encompass the charges
brought by the US Securities and Exchange Commission (SEC), indicating an
impending legal battle unless a separate settlement is reached.

Zhao acknowledged mistakes, while Binance emphasized
efforts toward user protection and compliance. Richard Teng, former Head of
Regional Markets, takes the helm as the new CEO amidst this regulatory
turbulence.

Binance.US has made it clear that it is distinct its
parent company, stating that it operates independently and is not involved in
the recent enforcement settlements against Binance and its Former CEO,
Changpeng Zhao. The exchange has emphasized that it is compliant with the US
regulations although it shares technology with Binance.

In light of the recent developments, Zhao has stepped
down from his position as Chairman of Binance.US’s Board of Directors. This
decision involves transferring voting rights and relinquishing governance.

According to a statement issued by the company on X (formerly
Twitter), Binance.US has expressed gratitude for CZ’s important role in guiding
the platform. Norman Reed, the new CEO of Binance.US will continue to lead the
crypto exchange.

SEC Investigations, CZ’s Legal Battles, and Penalties

Currently, the Securities and Exchange Commission
(SEC) is investigating Binance and Zhao. The regulator is probing alleged
control of Binance’s affiliate in the US by the global crypto exchange. Binance.US
faces ongoing regulatory actions from the SEC regarding alleged unregistered
securities offerings to US investors.

Meanwhile, a federal judge has issued a ruling,
restricting CZ’s return to the UAE. Judge Richard Jones suspended a decision to
allow CZ to travel to the UAE until a decision is made following his guilty
plea for violating anti-money laundering and US sanctions violations.

CZ’s plea deal includes a bond of $175 million,
secured by $15 million in cash, ensuring his appearance for sentencing. Despite
stepping down as Binance’s CEO, he faces a potential maximum prison term of 10
years, expected to be reduced to 18 months, and a $50 million fine.

Binance itself admitted guilt, agreeing to pay $4.3
billion in penalties. The charges include civil lawsuits, including one
involving celebrity endorsers like Cristiano Ronaldo, Jimmy Butler, Graham
Stephan, and Ben Armstrong.

Binance’s Multi-Front Enforcement Actions

Binance agreed to pay over $7.1 billion in combined
settlements to the US Department of Justice (DoJ) and the Commodity Futures
Trading Commission.

In addition to the financial penalties, Zhao and Former
Chief Compliance Officer, Samuel Lim, face civil monetary penalties. Zhao has
since stepped down as Binance’s CEO. The exchange will exit the US and comply
with stringent sanctions obligations, subject to a five-year monitorship.

The settlement does not encompass the charges
brought by the US Securities and Exchange Commission (SEC), indicating an
impending legal battle unless a separate settlement is reached.

Zhao acknowledged mistakes, while Binance emphasized
efforts toward user protection and compliance. Richard Teng, former Head of
Regional Markets, takes the helm as the new CEO amidst this regulatory
turbulence.

Dunamu has released its financial report for the
third quarter, highlighting a significant downturn in its financial
performance. The company’s net profit for the period was KRW 29.5 billion, down
81.6% from the same period last year.

The blockchain and fintech company experienced a
decrease of 29% in sales, resulting in a drop of 39.6% in operating profit
compared to the same period last year. According to a statement published by
the company, this downturn was attributed to various factors, primarily the
global economic recession and reduced liquidity in the market.

Upbit Faces Declining Crypto Prices

The decline in sales and profit was attributed to a sluggish investment experienced in the market, which was affected by the prevailing economic
recession. Additionally, the company faced substantial losses in the valuation of virtual assets, primarily due to a decline in prices compared to the
previous quarter.

Despite the challenging market conditions, Dunamu is
pivoting towards popularizing blockchain services as a potential
means to overcome the bearish market sentiment. The company aims to leverage
its technology to revitalize the blockchain ecosystem.

Dunamu is intensifying efforts to strengthen its
security infrastructure amidst a significant rise in hacking attempts on Upbit.
Despite facing 159,000 hacking attempts in the first half of 2023, the exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
hasn’t reported any breaches since it experienced an exploit that led to a loss
of $50 million in 2019.

Dunamu presented the alarming figures on Upbit to South Korean Representative Park Seong-jung. The exchange
has reinforced security measures, notably increasing cold wallet holdings to
70%. Additionally, it has enhanced the protocols for funds stored in hot wallets, which are more
vulnerable to breaches.

Representative Seong-jung urged the South Korean
government, specifically the Ministry of Science and Technology, to conduct
comprehensive security tests and bolster defenses against cyberattacks
targeting virtual asset exchanges.

Other exchanges like CoinEx and Huobi Global have
faced substantial breaches, emphasizing the vulnerability of cryptocurrency
exchanges to cyberattacks and the urgent need for industry-wide security
enhancements.

Aiming for Growth and Global Expansion

Upbit Singapore received an in-principal approval for a Major
Payment Institution (MPI) license from the Monetary Authority of Singapore in October. This authorization allowed the crypto exchange
to provide regulated digital payment token services under Singapore’s Payments
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term
Services Act while awaiting full approval.

Upbit Singapore, operational since 2018, previously
received exempt status in 2020, recognizing its adherence to regulatory
standards. This development followed the acquisition of MPI licenses by other notable entities in Singapore, like Ripple, Coinbase, and Sygnum.

Singapore has become an appealing destination for
crypto firms seeking to expand across the Southeast Asian market due to clear
crypto regulations.

Dunamu has released its financial report for the
third quarter, highlighting a significant downturn in its financial
performance. The company’s net profit for the period was KRW 29.5 billion, down
81.6% from the same period last year.

The blockchain and fintech company experienced a
decrease of 29% in sales, resulting in a drop of 39.6% in operating profit
compared to the same period last year. According to a statement published by
the company, this downturn was attributed to various factors, primarily the
global economic recession and reduced liquidity in the market.

Upbit Faces Declining Crypto Prices

The decline in sales and profit was attributed to a sluggish investment experienced in the market, which was affected by the prevailing economic
recession. Additionally, the company faced substantial losses in the valuation of virtual assets, primarily due to a decline in prices compared to the
previous quarter.

Despite the challenging market conditions, Dunamu is
pivoting towards popularizing blockchain services as a potential
means to overcome the bearish market sentiment. The company aims to leverage
its technology to revitalize the blockchain ecosystem.

Dunamu is intensifying efforts to strengthen its
security infrastructure amidst a significant rise in hacking attempts on Upbit.
Despite facing 159,000 hacking attempts in the first half of 2023, the exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term
hasn’t reported any breaches since it experienced an exploit that led to a loss
of $50 million in 2019.

Dunamu presented the alarming figures on Upbit to South Korean Representative Park Seong-jung. The exchange
has reinforced security measures, notably increasing cold wallet holdings to
70%. Additionally, it has enhanced the protocols for funds stored in hot wallets, which are more
vulnerable to breaches.

Representative Seong-jung urged the South Korean
government, specifically the Ministry of Science and Technology, to conduct
comprehensive security tests and bolster defenses against cyberattacks
targeting virtual asset exchanges.

Other exchanges like CoinEx and Huobi Global have
faced substantial breaches, emphasizing the vulnerability of cryptocurrency
exchanges to cyberattacks and the urgent need for industry-wide security
enhancements.

Aiming for Growth and Global Expansion

Upbit Singapore received an in-principal approval for a Major
Payment Institution (MPI) license from the Monetary Authority of Singapore in October. This authorization allowed the crypto exchange
to provide regulated digital payment token services under Singapore’s Payments
Payments

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl

One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term
Services Act while awaiting full approval.

Upbit Singapore, operational since 2018, previously
received exempt status in 2020, recognizing its adherence to regulatory
standards. This development followed the acquisition of MPI licenses by other notable entities in Singapore, like Ripple, Coinbase, and Sygnum.

Singapore has become an appealing destination for
crypto firms seeking to expand across the Southeast Asian market due to clear
crypto regulations.

The future of digital assets’ market structure in
Europe is undergoing a transformation propelled by innovations and regulatory
frameworks. Despite challenges, the institutional crypto derivatives market is
evolving

In a report by Acuiti in association with D2X, the
landscape of this market is shifting. It is marked by innovations, less
reliance on intermediaries, and increasing exchange-operated functions.
Although this approach enhances access and trading efficiency, it exposes
vulnerabilities.

The emergence of native crypto derivatives markets has
resulted in innovative risk management mechanisms like real-time margining and
auto-deleveraging. This has reduced counterparty risk without central
clearinghouses. However, challenges such as the concentration of risk at
exchanges and high initial margin requirements
Margin Requirements

A margin requirement is defined as the minimum equity sum that investors must keep in their margin account preceding a trading transaction. Margin requirements may be referred to as maintenance margin, minimum maintenance, or maintenance requirement. This is a requirement for broker trading in any asset class.In terms of equities, the New York Stock Exchange (NYSE) and Financial Industry Regulatory Authority (FINRA) have a fixed margin requirement of 25% of the sum value of the securities presen

A margin requirement is defined as the minimum equity sum that investors must keep in their margin account preceding a trading transaction. Margin requirements may be referred to as maintenance margin, minimum maintenance, or maintenance requirement. This is a requirement for broker trading in any asset class.In terms of equities, the New York Stock Exchange (NYSE) and Financial Industry Regulatory Authority (FINRA) have a fixed margin requirement of 25% of the sum value of the securities presen
Read this Term persist.

Anticipated Impact of
MiCA on Institutional Crypto Engagement

The regulatory frameworks, like the Markets in Crypto Assets (MiCA), aim to change market dynamics by bridging native and traditional
markets. This shift is expected to promote more institutional engagement, with
86% anticipating increased participation after its implementation.

According to the report titled, the Future of
Digital Assets Market Structure in Europe, institutional interest in trading
crypto derivatives varies across sectors. Proprietary trading firms exhibit the
strongest demand, while others show varying levels of certainty or
consideration once comprehensive regulatory frameworks are in place.

As regulations mature and innovations continue, the
convergence of native and traditional markets is imminent. The crypto
derivatives market faces a pivotal moment with regulatory frameworks poised to
redefine its landscape. Despite innovations addressing flaws and
vulnerabilities, challenges remain, impacting institutional participation and
market structures.

Contrary to traditional derivatives, the crypto
derivatives market has developed a distinctive structure due to the absence of
traditional intermediation. While resilient, FTX’s collapse highlighted vulnerabilities
in this system.

There is a rising demand among institutional clients
for avenues such as the crypto markets that offer 24/7 trading with lower
initial margins and reduced counterparty risk.

Challenges Faced by Institutional Clients

As the regulatory landscape evolves, institutional
engagement in crypto derivatives faces a balancing act between regulatory
adherence, market innovations, and risk mitigation strategies, defining the
future landscape of derivatives trading, the report noted.

In a separate report by Finance Magnates, the quest
for Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term acceptance in Europe encounters regulatory ambiguity, consumer protection
concerns, taxation hurdles, and financial institutions’ reluctance.

Europe’s fragmented regulatory approach towards
cryptocurrencies is a significant hurdle. Each country’s distinct regulations
create confusion, hindering wider adoption. The MiCA regulation attempts to
unify the framework, but discrepancies among governments pose challenges to the
growing adoption of Bitcoin.

Traditional financial institutions’ cautious
approach limits cryptocurrency services. While some are warming up to the idea,
integration remains slow, hindering Bitcoin’s broader acceptance. Furthermore,
there is a lack of understanding and education about Bitcoin impacts its
adoption.

The future of digital assets’ market structure in
Europe is undergoing a transformation propelled by innovations and regulatory
frameworks. Despite challenges, the institutional crypto derivatives market is
evolving

In a report by Acuiti in association with D2X, the
landscape of this market is shifting. It is marked by innovations, less
reliance on intermediaries, and increasing exchange-operated functions.
Although this approach enhances access and trading efficiency, it exposes
vulnerabilities.

The emergence of native crypto derivatives markets has
resulted in innovative risk management mechanisms like real-time margining and
auto-deleveraging. This has reduced counterparty risk without central
clearinghouses. However, challenges such as the concentration of risk at
exchanges and high initial margin requirements
Margin Requirements

A margin requirement is defined as the minimum equity sum that investors must keep in their margin account preceding a trading transaction. Margin requirements may be referred to as maintenance margin, minimum maintenance, or maintenance requirement. This is a requirement for broker trading in any asset class.In terms of equities, the New York Stock Exchange (NYSE) and Financial Industry Regulatory Authority (FINRA) have a fixed margin requirement of 25% of the sum value of the securities presen

A margin requirement is defined as the minimum equity sum that investors must keep in their margin account preceding a trading transaction. Margin requirements may be referred to as maintenance margin, minimum maintenance, or maintenance requirement. This is a requirement for broker trading in any asset class.In terms of equities, the New York Stock Exchange (NYSE) and Financial Industry Regulatory Authority (FINRA) have a fixed margin requirement of 25% of the sum value of the securities presen
Read this Term persist.

Anticipated Impact of
MiCA on Institutional Crypto Engagement

The regulatory frameworks, like the Markets in Crypto Assets (MiCA), aim to change market dynamics by bridging native and traditional
markets. This shift is expected to promote more institutional engagement, with
86% anticipating increased participation after its implementation.

According to the report titled, the Future of
Digital Assets Market Structure in Europe, institutional interest in trading
crypto derivatives varies across sectors. Proprietary trading firms exhibit the
strongest demand, while others show varying levels of certainty or
consideration once comprehensive regulatory frameworks are in place.

As regulations mature and innovations continue, the
convergence of native and traditional markets is imminent. The crypto
derivatives market faces a pivotal moment with regulatory frameworks poised to
redefine its landscape. Despite innovations addressing flaws and
vulnerabilities, challenges remain, impacting institutional participation and
market structures.

Contrary to traditional derivatives, the crypto
derivatives market has developed a distinctive structure due to the absence of
traditional intermediation. While resilient, FTX’s collapse highlighted vulnerabilities
in this system.

There is a rising demand among institutional clients
for avenues such as the crypto markets that offer 24/7 trading with lower
initial margins and reduced counterparty risk.

Challenges Faced by Institutional Clients

As the regulatory landscape evolves, institutional
engagement in crypto derivatives faces a balancing act between regulatory
adherence, market innovations, and risk mitigation strategies, defining the
future landscape of derivatives trading, the report noted.

In a separate report by Finance Magnates, the quest
for Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term acceptance in Europe encounters regulatory ambiguity, consumer protection
concerns, taxation hurdles, and financial institutions’ reluctance.

Europe’s fragmented regulatory approach towards
cryptocurrencies is a significant hurdle. Each country’s distinct regulations
create confusion, hindering wider adoption. The MiCA regulation attempts to
unify the framework, but discrepancies among governments pose challenges to the
growing adoption of Bitcoin.

Traditional financial institutions’ cautious
approach limits cryptocurrency services. While some are warming up to the idea,
integration remains slow, hindering Bitcoin’s broader acceptance. Furthermore,
there is a lack of understanding and education about Bitcoin impacts its
adoption.

Binance’s Former CEO, Changpeng (CZ) Zhao, is
embroiled in a contentious debate with the US Department of Justice (DOJ)
following his guilty plea for breaking anti-money laundering laws in the US.

Although the DOJ is not advocating immediate
incarceration, it has opposed CZ’s departure from the United States, Coindesk
reported. The Justice Department has cited him as a “flight risk that could be
managed.” This stance arises despite CZ’s voluntary appearance in court,
arguing that his presence is proof of non-flight tendencies.

CZ counsel has highlighted his voluntary
self-surrender, intent to resolve the case, and a proposal for a significant bail package. However, US Attorneys contend that the severity of potential
sentencing could force CZ to flee back to the UAE, his primary
citizenship, which lacks an extradition treaty with the US.

Changpeng Zhao Staring at a Possible 10-Year Prison
Term

The looming prison sentence is potentially between 18
months to a statutory maximum of 10 years. Following his guilty plea for money
laundering violations, CZ stepped down as Binance’s CEO.

Simultaneously, Binance pleaded guilty to multiple
criminal and civil charges, agreeing to pay a substantial $4.3 billion in
penalties. Besides that, CZ signed a hefty bond agreement worth $175 million
after pleading guilty to violating the Bank Secrecy Act, Reuters reported. The
US prosecutors argue that he might opt to stay in the UAE with his family
instead of facing prison time in the US.

Following Zhao’s guilty plea, Binance struck a deal
with the DOJ involving exiting the US market and appointing a new CEO. In the
midst of this legal turmoil, Binance witnessed a substantial outflow of its Bitcoin reserves.

Impact of Legal Challenges on Binance

Recent data from CryptoQuant unveils that the crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term witnessed a decrease of 5,000 BTC in reserves. This is in contrast to
rival crypto exchange, Coinbase which recorded an increase of approximately
12,000 BTC in a similar period.

Following Changpeng Zhao’s resignation and admission
of guilt, Binance faced outflows exceeding $1 billion within a day. This
departure was accompanied by a decrease of 25% in market liquidity
Liquidity

The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent

The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent
Read this Term, indicating
the impact of market makers reducing their positions in response to the legal
turmoil.

Additionally, Binance’s native token, BNB, experienced a decline of 8%
on the settlement day. This is despite the exchange retaining over $65 billion worth of assets on its platform.

Binance’s Former CEO, Changpeng (CZ) Zhao, is
embroiled in a contentious debate with the US Department of Justice (DOJ)
following his guilty plea for breaking anti-money laundering laws in the US.

Although the DOJ is not advocating immediate
incarceration, it has opposed CZ’s departure from the United States, Coindesk
reported. The Justice Department has cited him as a “flight risk that could be
managed.” This stance arises despite CZ’s voluntary appearance in court,
arguing that his presence is proof of non-flight tendencies.

CZ counsel has highlighted his voluntary
self-surrender, intent to resolve the case, and a proposal for a significant bail package. However, US Attorneys contend that the severity of potential
sentencing could force CZ to flee back to the UAE, his primary
citizenship, which lacks an extradition treaty with the US.

Changpeng Zhao Staring at a Possible 10-Year Prison
Term

The looming prison sentence is potentially between 18
months to a statutory maximum of 10 years. Following his guilty plea for money
laundering violations, CZ stepped down as Binance’s CEO.

Simultaneously, Binance pleaded guilty to multiple
criminal and civil charges, agreeing to pay a substantial $4.3 billion in
penalties. Besides that, CZ signed a hefty bond agreement worth $175 million
after pleading guilty to violating the Bank Secrecy Act, Reuters reported. The
US prosecutors argue that he might opt to stay in the UAE with his family
instead of facing prison time in the US.

Following Zhao’s guilty plea, Binance struck a deal
with the DOJ involving exiting the US market and appointing a new CEO. In the
midst of this legal turmoil, Binance witnessed a substantial outflow of its Bitcoin reserves.

Impact of Legal Challenges on Binance

Recent data from CryptoQuant unveils that the crypto
exchange
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term witnessed a decrease of 5,000 BTC in reserves. This is in contrast to
rival crypto exchange, Coinbase which recorded an increase of approximately
12,000 BTC in a similar period.

Following Changpeng Zhao’s resignation and admission
of guilt, Binance faced outflows exceeding $1 billion within a day. This
departure was accompanied by a decrease of 25% in market liquidity
Liquidity

The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent

The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent
Read this Term, indicating
the impact of market makers reducing their positions in response to the legal
turmoil.

Additionally, Binance’s native token, BNB, experienced a decline of 8%
on the settlement day. This is despite the exchange retaining over $65 billion worth of assets on its platform.

Interactive Brokers Hong Kong has been licensed to
facilitate retail crypto trading in Hong Kong. This move was confirmed by David
Friedland, the firm’s Managing Director for Asia Pacific. It positions the
brokerage firm as a key player in the region’s evolving crypto landscape.

Hong Kong has witnessed a surge in interest and
activity within the crypto sector, with major companies vying to acquire local
licensing. Notably, this development follows similar milestones achieved by
other entities, such as Hashkey and Swiss crypto bank SEBA.

More Firms Obtain Crypto Regulatory Approval in Hong
Kong

Recently, the Hong Kong Securities and Futures
Commission (SFC) revisited its crypto policies, restricting certain offerings
to professional investors and emphasizing the importance of assessing client
knowledge before handling transactions. However, amid the stringent regulatory
measures, the sector faces challenges such as the JPEX scandal that rocked the
market.

Separately, Victory Securities, a prominent Hong
Kong investment firm, has secured similar approval from the SFC to offer
cryptocurrency services targeted at retail clients. Victory Securities’
recognition in Hong Kong positions the firm alongside Interactive Brokers in
the retail crypto space.

Early this month, Interactive Brokers introduced a promotion for investors in the UK. The firm presented a commission
credit of £55 for users opening stocks and shares investment savings accounts
(ISAs) through its platform. This incentive, subject to specific terms and
conditions, gives users access to global securities and tax benefits associated
with ISAs.

Interactive Brokers’ European Expansion and
Service Enhancement

Meanwhile, recent financial reports from Interactive
Brokers showcased impressive growth, with a 45% year-over-year surge in net
revenue, reaching $1.145 billion for the third quarter. The firm’s focus on
expanding its European operations, highlighted by the relocation to Ireland, is
a strategic move to optimize efficiency while catering to a growing client
base.

Interactive Brokers recently revealed its decision
to consolidate European brokerage operations by relocating to Ireland. The move
involves merging Interactive Brokers Central Europe, previously based in
Budapest, with Interactive Brokers Ireland as part of streamlining efficiency.

While Budapest’s branch will continue serving
clients across Central and Eastern Europe, the move signified the company’s
response to substantial client growth post-Brexit
Brexit

Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis

Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis
Read this Term. Besides that, the brokerage
firm extended trading hours for US equities
Equities

Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa

Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa
Read this Term and partnerships with entities like Zero Hash for crypto services in September.

Interactive Brokers Hong Kong has been licensed to
facilitate retail crypto trading in Hong Kong. This move was confirmed by David
Friedland, the firm’s Managing Director for Asia Pacific. It positions the
brokerage firm as a key player in the region’s evolving crypto landscape.

Hong Kong has witnessed a surge in interest and
activity within the crypto sector, with major companies vying to acquire local
licensing. Notably, this development follows similar milestones achieved by
other entities, such as Hashkey and Swiss crypto bank SEBA.

More Firms Obtain Crypto Regulatory Approval in Hong
Kong

Recently, the Hong Kong Securities and Futures
Commission (SFC) revisited its crypto policies, restricting certain offerings
to professional investors and emphasizing the importance of assessing client
knowledge before handling transactions. However, amid the stringent regulatory
measures, the sector faces challenges such as the JPEX scandal that rocked the
market.

Separately, Victory Securities, a prominent Hong
Kong investment firm, has secured similar approval from the SFC to offer
cryptocurrency services targeted at retail clients. Victory Securities’
recognition in Hong Kong positions the firm alongside Interactive Brokers in
the retail crypto space.

Early this month, Interactive Brokers introduced a promotion for investors in the UK. The firm presented a commission
credit of £55 for users opening stocks and shares investment savings accounts
(ISAs) through its platform. This incentive, subject to specific terms and
conditions, gives users access to global securities and tax benefits associated
with ISAs.

Interactive Brokers’ European Expansion and
Service Enhancement

Meanwhile, recent financial reports from Interactive
Brokers showcased impressive growth, with a 45% year-over-year surge in net
revenue, reaching $1.145 billion for the third quarter. The firm’s focus on
expanding its European operations, highlighted by the relocation to Ireland, is
a strategic move to optimize efficiency while catering to a growing client
base.

Interactive Brokers recently revealed its decision
to consolidate European brokerage operations by relocating to Ireland. The move
involves merging Interactive Brokers Central Europe, previously based in
Budapest, with Interactive Brokers Ireland as part of streamlining efficiency.

While Budapest’s branch will continue serving
clients across Central and Eastern Europe, the move signified the company’s
response to substantial client growth post-Brexit
Brexit

Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis

Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis
Read this Term. Besides that, the brokerage
firm extended trading hours for US equities
Equities

Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa

Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling pa
Read this Term and partnerships with entities like Zero Hash for crypto services in September.

The renowned crypto-focused media publication
Coindesk has been acquired by Bullish, a company owned by the New York Stock
Exchange’s Former President, Tom Farley.

According to a report by the Wall Street Journal,
CoinDesk will operate as an autonomous subsidiary within Bullish under the
terms of the acquisition. It will maintain its distinct identity and editorial
integrity. Reportedly, this approach aims to preserve CoinDesk’s legacy while
enabling Bullish to inject capital into its expansion, particularly in media,
events, and indices.

Kevin Worth, CEO of CoinDesk, expressed enthusiasm
for the partnership, emphasizing the opportunities for development and
expansion in product offerings.

Bullish’s New Growth
Trajectory

In a statement shared with Businesswire, Worth said:
“With renewed momentum in the crypto economy as well as investment from
Bullish, we look forward to capitalizing on the many opportunities ahead for
product development and expansion.”

Since its launch, Bullish has established a niche in
institutional trading, boasting substantial trading volumes and technological
innovations. Recently, it introduced perpetual futures to diversify its
offerings within a regulated framework. The acquisition
Acquisition

Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There

Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term was facilitated by
financial advisors Lazard and Citi.

Meanwhile, the New York Attorney General recently charged Digital Currency Group (DCG), the parent company of Coindesk. The suit
alleged a fraudulent scheme that purportedly inflicted substantial financial
losses on a significant investor base, amounting to over $1 billion. NYAG
charged DCG alongside Gemini and Genesis.

Legal Hurdles Facing Coindesk’s Parent
Company

The lawsuit, spearheaded by Attorney General Letitia James, accuses
these cryptocurrency behemoths of engaging in deceptive practices and
attempting to hide colossal losses, adversely affecting more than 230,000
investors. Gemini, known for its Earn program designed to generate profits by
lending assets, purportedly misled investors about the safety of its
collaboration with Genesis.

James asserted, “These cryptocurrency companies
lied to investors and tried to hide more than a billion dollars in losses, and
it was middle-class investors who suffered as a result.” The allegations
highlighted a discrepancy between promised safety and the actual risks
investors face.

The lawsuit further alleges that Genesis and DCG
endeavored to mask losses exceeding $1.1 billion, ultimately burdening the
investor community. Genesis faced substantial losses from borrowers like Three
Arrows Capital and Babel Finance, with the former defaulting on significant
loans, triggering massive financial repercussions.

The renowned crypto-focused media publication
Coindesk has been acquired by Bullish, a company owned by the New York Stock
Exchange’s Former President, Tom Farley.

According to a report by the Wall Street Journal,
CoinDesk will operate as an autonomous subsidiary within Bullish under the
terms of the acquisition. It will maintain its distinct identity and editorial
integrity. Reportedly, this approach aims to preserve CoinDesk’s legacy while
enabling Bullish to inject capital into its expansion, particularly in media,
events, and indices.

Kevin Worth, CEO of CoinDesk, expressed enthusiasm
for the partnership, emphasizing the opportunities for development and
expansion in product offerings.

Bullish’s New Growth
Trajectory

In a statement shared with Businesswire, Worth said:
“With renewed momentum in the crypto economy as well as investment from
Bullish, we look forward to capitalizing on the many opportunities ahead for
product development and expansion.”

Since its launch, Bullish has established a niche in
institutional trading, boasting substantial trading volumes and technological
innovations. Recently, it introduced perpetual futures to diversify its
offerings within a regulated framework. The acquisition
Acquisition

Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There

Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant’s service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There
Read this Term was facilitated by
financial advisors Lazard and Citi.

Meanwhile, the New York Attorney General recently charged Digital Currency Group (DCG), the parent company of Coindesk. The suit
alleged a fraudulent scheme that purportedly inflicted substantial financial
losses on a significant investor base, amounting to over $1 billion. NYAG
charged DCG alongside Gemini and Genesis.

Legal Hurdles Facing Coindesk’s Parent
Company

The lawsuit, spearheaded by Attorney General Letitia James, accuses
these cryptocurrency behemoths of engaging in deceptive practices and
attempting to hide colossal losses, adversely affecting more than 230,000
investors. Gemini, known for its Earn program designed to generate profits by
lending assets, purportedly misled investors about the safety of its
collaboration with Genesis.

James asserted, “These cryptocurrency companies
lied to investors and tried to hide more than a billion dollars in losses, and
it was middle-class investors who suffered as a result.” The allegations
highlighted a discrepancy between promised safety and the actual risks
investors face.

The lawsuit further alleges that Genesis and DCG
endeavored to mask losses exceeding $1.1 billion, ultimately burdening the
investor community. Genesis faced substantial losses from borrowers like Three
Arrows Capital and Babel Finance, with the former defaulting on significant
loans, triggering massive financial repercussions.

The Montenegro High Court has denied Terraform Labs
Founder Do Kwon’s appeal, upholding his four-month prison sentence for falsifying
documents. This decision intensifies Kwon’s plight as he faces potential
extradition following the completion of his sentence.

The decision by the court dealt a blow to Do Kwon’s earlier attempt to overturn the prison sentence initially issued by a lower
court in June. Alongside fellow Terraform Labs’ executive Han Chang-Joon, Kwon
faced charges of falsifying documents.

This case emerged nearly a year after the collapse
of Terraform Labs. Both individuals have remained in custody since their arrest
in March. Once his term in the Balkan nation concludes, Kwon faces the
possibility of being handed over to authorities in the US or South Korea, Coindesk
reported.

The Basic Court of Montenegro’s capital, Podgorica,
deemed the four-month prison sentence an “adequate” punishment for
the crime. Additionally, the court highlighted the necessity of the imposed
security measure, confiscating passports and identity cards, to prevent
potential future criminal acts by the perpetrators.

Do Kwon Faces Escalating Legal Tussle

Montenegro’s Basic Court in Podgorica issued the
four-month jail sentence to Do Kwon and former CFO Han Chong-Joon, marking a
significant chapter in their legal battle.

The duo was apprehended in March in Montenegro while
attempting to travel to Dubai via a private jet. The court confiscated fake
Costa Rican and Belgian passports along with falsified identity cards from both
executives.

Initially granted bail of €400,000 each, this
reprieve was later annulled as an upper court deemed the executives’ property
evaluation incomplete following a prosecutor’s appeal. The time spent in
detention by the Terraform Labs executives will reportedly be factored into their
sentences.

Criminal Charges and the Fallout from Terra’s
Collapse

In March, federal prosecutors in New York brought criminal charges against Kwon, unveiling eight counts related to the ill-fated
stablecoin project. These charges encompass commodities fraud, securities fraud,
wire fraud, and conspiracy to defraud and manipulate markets.

The arrest of Kwon marked a pivotal moment in the
aftermath of Terra’s catastrophic collapse, erasing a staggering $40 billion
from the ecosystem. Terraform Labs, under Kwon’s leadership, issued an
algorithmic stablecoin pegged to the USD before collapsing in May last year.

The Montenegro High Court has denied Terraform Labs
Founder Do Kwon’s appeal, upholding his four-month prison sentence for falsifying
documents. This decision intensifies Kwon’s plight as he faces potential
extradition following the completion of his sentence.

The decision by the court dealt a blow to Do Kwon’s earlier attempt to overturn the prison sentence initially issued by a lower
court in June. Alongside fellow Terraform Labs’ executive Han Chang-Joon, Kwon
faced charges of falsifying documents.

This case emerged nearly a year after the collapse
of Terraform Labs. Both individuals have remained in custody since their arrest
in March. Once his term in the Balkan nation concludes, Kwon faces the
possibility of being handed over to authorities in the US or South Korea, Coindesk
reported.

The Basic Court of Montenegro’s capital, Podgorica,
deemed the four-month prison sentence an “adequate” punishment for
the crime. Additionally, the court highlighted the necessity of the imposed
security measure, confiscating passports and identity cards, to prevent
potential future criminal acts by the perpetrators.

Do Kwon Faces Escalating Legal Tussle

Montenegro’s Basic Court in Podgorica issued the
four-month jail sentence to Do Kwon and former CFO Han Chong-Joon, marking a
significant chapter in their legal battle.

The duo was apprehended in March in Montenegro while
attempting to travel to Dubai via a private jet. The court confiscated fake
Costa Rican and Belgian passports along with falsified identity cards from both
executives.

Initially granted bail of €400,000 each, this
reprieve was later annulled as an upper court deemed the executives’ property
evaluation incomplete following a prosecutor’s appeal. The time spent in
detention by the Terraform Labs executives will reportedly be factored into their
sentences.

Criminal Charges and the Fallout from Terra’s
Collapse

In March, federal prosecutors in New York brought criminal charges against Kwon, unveiling eight counts related to the ill-fated
stablecoin project. These charges encompass commodities fraud, securities fraud,
wire fraud, and conspiracy to defraud and manipulate markets.

The arrest of Kwon marked a pivotal moment in the
aftermath of Terra’s catastrophic collapse, erasing a staggering $40 billion
from the ecosystem. Terraform Labs, under Kwon’s leadership, issued an
algorithmic stablecoin pegged to the USD before collapsing in May last year.

A fraudulent investment offer in crypto assets is at
the center of a warning issued by the Financial Markets Authority (FMA)
and the Paris Prosecutor’s Office. The French authorities said that the platform,
dubbed Immediate Connect, is using the internet and social media to advertise or spread false articles purported to be from well-known
personalities or reputable information sites.

Operating through multiple websites, this fraudulent
scheme allegedly mimics legitimate platforms, targeting those seeking lucrative
investment opportunities. The AMF discovered it in June, flagging its automated
trading offers as dubious and cautioning investors to exercise utmost vigilance.

Blacklisting, Legal Actions, and Investor Warnings

According to a report by AMF, savers are being lured
by an article purportedly coming from a reputable media publication. After
filling out online forms, users are swiftly contacted by financial
advisors, coercing them to join unauthorized trading platforms for forex,
crypto-assets like Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term, or derivatives.

Subsequently, the AMF has added several suspicious
sites to its blacklist. The regulator has identified several clone
versions operating as Immediate Connect. In a bid to combat this fraud, a court
proceeding on October 9 resulted in the blocking of various associated web
addresses, aiming to restrict their access within French territory.

The Paris Prosecutor’s Office warned against
engaging with unapproved entities, citing severe penalties for the provisions
of unauthorized investment services. This includes fines of up to €1,875,000
and imprisonment of up to three years for individuals involved in illegal
investment activities.

AMF’s Crackdown on Unauthorized Sites

During the third quarter, AMF and the Prudential Control and
Resolution Authority (ACPR) blacklisted 22 fraudulent websites
operating in the forex market. These websites
allegedly offered unauthorized forex investments and crypto-linked derivative
products.

Since the beginning of the year, the AMF and ACPR have
collectively added 43 unauthorized sites in the forex category and one site in
the crypto-asset derivatives category to their watchlists. To bolster investor
awareness, these lists of unauthorized sites are accessible to the
public via the Assurance Banque Épargne Info Service website and the AMF’s
official platforms.

Meanwhile, AMF and the Autorité de Régulation
Professionnelle de la Publicité (ARPP) jointly introduced a “Responsible Influence Certificate” in September. This certification, initially established
in 2021, targets financial influencers. It emphasizes responsible and informed
financial communication.

The certification module encompasses various
investment products, including equities, bonds, ETFs, funds, derivatives, and
services such as investment advice and portfolio management. Moreover, it
covers areas like crypto-assets and digital asset service providers.

A fraudulent investment offer in crypto assets is at
the center of a warning issued by the Financial Markets Authority (FMA)
and the Paris Prosecutor’s Office. The French authorities said that the platform,
dubbed Immediate Connect, is using the internet and social media to advertise or spread false articles purported to be from well-known
personalities or reputable information sites.

Operating through multiple websites, this fraudulent
scheme allegedly mimics legitimate platforms, targeting those seeking lucrative
investment opportunities. The AMF discovered it in June, flagging its automated
trading offers as dubious and cautioning investors to exercise utmost vigilance.

Blacklisting, Legal Actions, and Investor Warnings

According to a report by AMF, savers are being lured
by an article purportedly coming from a reputable media publication. After
filling out online forms, users are swiftly contacted by financial
advisors, coercing them to join unauthorized trading platforms for forex,
crypto-assets like Bitcoin
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term, or derivatives.

Subsequently, the AMF has added several suspicious
sites to its blacklist. The regulator has identified several clone
versions operating as Immediate Connect. In a bid to combat this fraud, a court
proceeding on October 9 resulted in the blocking of various associated web
addresses, aiming to restrict their access within French territory.

The Paris Prosecutor’s Office warned against
engaging with unapproved entities, citing severe penalties for the provisions
of unauthorized investment services. This includes fines of up to €1,875,000
and imprisonment of up to three years for individuals involved in illegal
investment activities.

AMF’s Crackdown on Unauthorized Sites

During the third quarter, AMF and the Prudential Control and
Resolution Authority (ACPR) blacklisted 22 fraudulent websites
operating in the forex market. These websites
allegedly offered unauthorized forex investments and crypto-linked derivative
products.

Since the beginning of the year, the AMF and ACPR have
collectively added 43 unauthorized sites in the forex category and one site in
the crypto-asset derivatives category to their watchlists. To bolster investor
awareness, these lists of unauthorized sites are accessible to the
public via the Assurance Banque Épargne Info Service website and the AMF’s
official platforms.

Meanwhile, AMF and the Autorité de Régulation
Professionnelle de la Publicité (ARPP) jointly introduced a “Responsible Influence Certificate” in September. This certification, initially established
in 2021, targets financial influencers. It emphasizes responsible and informed
financial communication.

The certification module encompasses various
investment products, including equities, bonds, ETFs, funds, derivatives, and
services such as investment advice and portfolio management. Moreover, it
covers areas like crypto-assets and digital asset service providers.

South Korea’s National Pension Service (NPS) has taken
a noteworthy leap into the world of cryptocurrencies, as per a recent regulatory
filing with the US Securities and Exchange Commission (SEC). The NPS, which is the world’s third-largest
pension fund, ventured into the crypto market in the third
quarter of 2023 with an investment of $20 million in Coinbase Global’s shares, Bitcoin.com reported.

The NPS, established in 1988, operates as South Korea‘s major public pension fund. It is overseen by the National Pension Service
Investment Management (NPSIM) and boasts a mandate that encompasses both Korean
citizens and foreign residents in Korea.

According to the SEC’s disclosure, the NPS acquired 282,673 shares of Coinbase Global, valued at $20 million. This move has proved successful, with an appreciation of 40% in the value of the investment since it was purchased at an average price of $70.5 per share.

More Companies Buying Stocks of Crypto-Linked Firms

Presently, Coinbase’s shares are trading at around $98
each, indicating a notable increase of 26% within the last month. NPS’ strategic
investment aligns with a broader global trend, where entities are opting for
the stocks of publicly traded companies within the crypto domain.

The NPS’s latest step happens when South Korea is
stepping up its effort to fight crypto-related crimes. In July, the country
formed a special investigations unit aimed at countering the surge of illegal
activities within the sector. The unit prioritizes safeguarding
investors’ interests amid the absence of a comprehensive regulatory framework.

The absence of robust legal protection and
inadequate regulations in the crypto sphere has led to vulnerabilities for
investors. The investigations unit stepped in as an interim measure until formal
laws are enacted, focusing on cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term exhibiting high price volatility
and taking action against suspicious projects on digital asset exchanges, Finance Magnates reported.

Tightening Rules for South Korean Firms

The unit’s primary focus lies in combating a
spectrum of illicit activities, ranging from unauthorized foreign exchange
transfers to money laundering
Money Laundering

Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund

Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund
Read this Term and illegal trading practices. Notably, South
Korea’s cryptocurrency sector has seen a surge in criminal cases, witnessing a
substantial rise in losses attributed to crypto-related crimes.

South Korean companies navigating the crypto
landscape face new directives from the Financial Services Commission (FSC),
mandating disclosures on their cryptocurrency transactions. These regulations,
aimed at enhancing transparency and accountability, require companies to provide detailed information concerning their digital asset holdings, profits,
and operational models.

The FSC’s draft rules emphasize that companies
involved in crypto dealings must disclose essential details. This includes
specifics on the volume of digital assets, their characteristics, and,
crucially, the profits from crypto activities. The objective is to foster
greater transparency in accounting for digital assets within corporate
entities.

South Korea’s National Pension Service (NPS) has taken
a noteworthy leap into the world of cryptocurrencies, as per a recent regulatory
filing with the US Securities and Exchange Commission (SEC). The NPS, which is the world’s third-largest
pension fund, ventured into the crypto market in the third
quarter of 2023 with an investment of $20 million in Coinbase Global’s shares, Bitcoin.com reported.

The NPS, established in 1988, operates as South Korea‘s major public pension fund. It is overseen by the National Pension Service
Investment Management (NPSIM) and boasts a mandate that encompasses both Korean
citizens and foreign residents in Korea.

According to the SEC’s disclosure, the NPS acquired 282,673 shares of Coinbase Global, valued at $20 million. This move has proved successful, with an appreciation of 40% in the value of the investment since it was purchased at an average price of $70.5 per share.

More Companies Buying Stocks of Crypto-Linked Firms

Presently, Coinbase’s shares are trading at around $98
each, indicating a notable increase of 26% within the last month. NPS’ strategic
investment aligns with a broader global trend, where entities are opting for
the stocks of publicly traded companies within the crypto domain.

The NPS’s latest step happens when South Korea is
stepping up its effort to fight crypto-related crimes. In July, the country
formed a special investigations unit aimed at countering the surge of illegal
activities within the sector. The unit prioritizes safeguarding
investors’ interests amid the absence of a comprehensive regulatory framework.

The absence of robust legal protection and
inadequate regulations in the crypto sphere has led to vulnerabilities for
investors. The investigations unit stepped in as an interim measure until formal
laws are enacted, focusing on cryptocurrencies
Cryptocurrencies

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw

By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw
Read this Term exhibiting high price volatility
and taking action against suspicious projects on digital asset exchanges, Finance Magnates reported.

Tightening Rules for South Korean Firms

The unit’s primary focus lies in combating a
spectrum of illicit activities, ranging from unauthorized foreign exchange
transfers to money laundering
Money Laundering

Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund

Money laundering is a blanket term to describe the process by which criminals disguise the original ownership and proceeds of criminal conduct by making such proceeds appear to be derived from a legitimate source.Money laundering is an issue that traverses countless industries and sectors, which includes the financial services space. Though criminal money may be successfully laundered without the assistance of the financial sector, billions of dollars’ worth of criminally derived money are laund
Read this Term and illegal trading practices. Notably, South
Korea’s cryptocurrency sector has seen a surge in criminal cases, witnessing a
substantial rise in losses attributed to crypto-related crimes.

South Korean companies navigating the crypto
landscape face new directives from the Financial Services Commission (FSC),
mandating disclosures on their cryptocurrency transactions. These regulations,
aimed at enhancing transparency and accountability, require companies to provide detailed information concerning their digital asset holdings, profits,
and operational models.

The FSC’s draft rules emphasize that companies
involved in crypto dealings must disclose essential details. This includes
specifics on the volume of digital assets, their characteristics, and,
crucially, the profits from crypto activities. The objective is to foster
greater transparency in accounting for digital assets within corporate
entities.

Superintendent Adrienne Harris of the New York State
Department of Financial Services (DFS) has unveiled new guidance on
coin-listing and delisting policies. This latest development sets new industry
standards and reflects the department’s proactive stance in adapting virtual
currencies.

According to the official statement by the DFS, the
updated guidelines introduce heightened risk assessment standards, focusing on
coin-listing policies. In light of the diverse nature of the virtual currency
industry, the DFS has tailored these enhanced requirements to address retail
consumer-facing businesses.

One of the pivotal aspects of the guidance is the
requirement for licensees to develop and submit a coin-delisting policy for DFS‘ approval. This move aims to facilitate an orderly delisting process,
safeguarding consumers and minimizing disruptions in the market.

Transparent in Crypto Offerings and Delisting

Harris mentioned: “This guidance continues the
Department’s commitment to an innovative and data-driven approach to virtual
currency oversight, keeping pace with industry developments. DFS is at the
forefront of virtual currency regulation, translating years of knowledge and
experience into timely and relevant guidance which protects consumers and
markets.”

Under Superintendent Harris’s leadership, the DFS
has enforced over $132 million in penalties, against virtual currency
companies. The regulator maintains that companies must be held accountable,
with remediation measures enforced to correct any detrimental behavior.

In September, the DFS as unveiled the proposed
guidance, highlighting the expectations for crypto firms regarding the
evaluation and management of coin offerings. With the intention to guide
cryptocurrency firms, the proposed framework details expectations for drafting
firm-specific coin listing and delisting policies.

This approach aims to provide a structured and
transparent process for evaluating coin offerings before adoption and
establishing criteria for responsible coin delisting. Superintendent Harris said
that the focus on delisting strategies underscores the regulator’s commitment
to adapting to emerging risks and ensuring that market participants can act
responsibly in the face of changing circumstances.

DFS Introduces
Comprehensive Crypto Guidelines

Separately, the DFS issued comprehensive regulatory guidance at the beginning of the year. These guidelines mandate all crypto
companies to segregate funds belonging to customers and the companies
themselves. Adrienne Harris, the regulatory superintendent, emphasized that
these rules are aimed at safeguarding customers.

Besides that, the guidelines focus on clarifying
custody and safekeeping services, setting transparent expectations for crypto
companies. The guidelines touch on sub-custody arrangements with third parties,
emphasizing the need for responsible partnerships. Lastly, proper disclosure of
general terms and conditions to customers is outlined, promoting transparency
in business practices.

Superintendent
Harris’s decision to issue guidelines comes in the wake of broader market
challenges, including the collapse of major crypto players. The collapse of FTX,
along with the preceding Terra Luna incident, has raised concerns about the
industry’s stability.

Superintendent Adrienne Harris of the New York State
Department of Financial Services (DFS) has unveiled new guidance on
coin-listing and delisting policies. This latest development sets new industry
standards and reflects the department’s proactive stance in adapting virtual
currencies.

According to the official statement by the DFS, the
updated guidelines introduce heightened risk assessment standards, focusing on
coin-listing policies. In light of the diverse nature of the virtual currency
industry, the DFS has tailored these enhanced requirements to address retail
consumer-facing businesses.

One of the pivotal aspects of the guidance is the
requirement for licensees to develop and submit a coin-delisting policy for DFS‘ approval. This move aims to facilitate an orderly delisting process,
safeguarding consumers and minimizing disruptions in the market.

Transparent in Crypto Offerings and Delisting

Harris mentioned: “This guidance continues the
Department’s commitment to an innovative and data-driven approach to virtual
currency oversight, keeping pace with industry developments. DFS is at the
forefront of virtual currency regulation, translating years of knowledge and
experience into timely and relevant guidance which protects consumers and
markets.”

Under Superintendent Harris’s leadership, the DFS
has enforced over $132 million in penalties, against virtual currency
companies. The regulator maintains that companies must be held accountable,
with remediation measures enforced to correct any detrimental behavior.

In September, the DFS as unveiled the proposed
guidance, highlighting the expectations for crypto firms regarding the
evaluation and management of coin offerings. With the intention to guide
cryptocurrency firms, the proposed framework details expectations for drafting
firm-specific coin listing and delisting policies.

This approach aims to provide a structured and
transparent process for evaluating coin offerings before adoption and
establishing criteria for responsible coin delisting. Superintendent Harris said
that the focus on delisting strategies underscores the regulator’s commitment
to adapting to emerging risks and ensuring that market participants can act
responsibly in the face of changing circumstances.

DFS Introduces
Comprehensive Crypto Guidelines

Separately, the DFS issued comprehensive regulatory guidance at the beginning of the year. These guidelines mandate all crypto
companies to segregate funds belonging to customers and the companies
themselves. Adrienne Harris, the regulatory superintendent, emphasized that
these rules are aimed at safeguarding customers.

Besides that, the guidelines focus on clarifying
custody and safekeeping services, setting transparent expectations for crypto
companies. The guidelines touch on sub-custody arrangements with third parties,
emphasizing the need for responsible partnerships. Lastly, proper disclosure of
general terms and conditions to customers is outlined, promoting transparency
in business practices.

Superintendent
Harris’s decision to issue guidelines comes in the wake of broader market
challenges, including the collapse of major crypto players. The collapse of FTX,
along with the preceding Terra Luna incident, has raised concerns about the
industry’s stability.

FTX and BlockFi have received the approval to resume
proceedings for the negotiation of claims settlements in the aftermath of
BlockFi’s bankruptcy filing last November. This step allows FTX to present
counterclaims and arguments, paving the way for a potential between the two
bankrupt crypto firms.

BlockFi filed for bankruptcy in November 2022,
citing the repercussions of FTX’s sudden collapse as a significant factor.
However, after the court paused the proceedings, BlockFi was left with
approximately $355 million frozen on FTX’s platform and an additional $671
million owed by FTX’s sister company, Alameda Research, Coindesk reported.

US bankruptcy judge Michael Kaplan modified the
order on November 13, allowing FTX’s debtors to engage in discussions regarding
claims settlement
Settlement

Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2

Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2
Read this Term. This permitted FTX to present defenses, counterclaims, and
setoffs concerning BlockFi’s claims in the ongoing bankruptcy proceedings.

BlockFi Pursues Recovery Following Bankruptcy

Recently, in the case that found FTX’s Former CEO
guilty of fraud and money laundering charges, BlockFi’s CEO, Zac Prince,
testified during the trial. Prince testified against Bankman-Fried,
highlighting how BlockFi’s bankruptcy directly resulted from its association with
FTX and Alameda.

In September, BlockFi’s creditors approved a
bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term restructuring plan. This plan aims to recoup losses from the FTX
fallout and the collapse of crypto hedge fund Three Arrows Capital. Prince
disclosed to the jury that BlockFi’s association with FTX allegedly led to
losses exceeding “a little over a billion dollars.”

Prince pointed to loan agreements with Alameda,
which started in 2020 and 2021, with BlockFi extending up to USD $1 billion to
Alameda by May 2022. The unexpected twist came when Alameda Research repaid the
initial loan in full, only to find BlockFi extending new loans amounting to USD
$850 million.

Links with FTX and Alameda Research

BlockFi’s financial troubles escalated with the
collapse of the Terra Luna crypto ecosystem, leading to significant losses. To
recover, BlockFi sought repayment of its loans from Alameda, initiating a
process that eventually unfolded into a billion-dollar loss. The complex
relationship between the two entities deepened as BlockFi offered new loans to
Alameda.

BlockFi offered interest-bearing crypto-lending products prior to filing for bankruptcy last year. The accidental data leak
exposes the depth of BlockFi’s financial troubles, including its user base of
662,427, with a majority having balances below $1,000. BlockFi’s woes began in
mid-2022 with exposure to the collapsed crypto-focused hedge fund Three Arrows
Capital.

Last year, BlockFi sued Bankman-Fried’s Emergent Fidelity Technologies. The lawsuit, filed in the United States Bankruptcy
Court for the District of New Jersey, revolves around the seizure of Robinhood
shares pledged as collateral to BlockFi. In the lawsuit, Bankman-Fried
allegedly collateralized the Robinhood stocks by taking a loan for Alameda
Research.

FTX and BlockFi have received the approval to resume
proceedings for the negotiation of claims settlements in the aftermath of
BlockFi’s bankruptcy filing last November. This step allows FTX to present
counterclaims and arguments, paving the way for a potential between the two
bankrupt crypto firms.

BlockFi filed for bankruptcy in November 2022,
citing the repercussions of FTX’s sudden collapse as a significant factor.
However, after the court paused the proceedings, BlockFi was left with
approximately $355 million frozen on FTX’s platform and an additional $671
million owed by FTX’s sister company, Alameda Research, Coindesk reported.

US bankruptcy judge Michael Kaplan modified the
order on November 13, allowing FTX’s debtors to engage in discussions regarding
claims settlement
Settlement

Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2

Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer’s name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2
Read this Term. This permitted FTX to present defenses, counterclaims, and
setoffs concerning BlockFi’s claims in the ongoing bankruptcy proceedings.

BlockFi Pursues Recovery Following Bankruptcy

Recently, in the case that found FTX’s Former CEO
guilty of fraud and money laundering charges, BlockFi’s CEO, Zac Prince,
testified during the trial. Prince testified against Bankman-Fried,
highlighting how BlockFi’s bankruptcy directly resulted from its association with
FTX and Alameda.

In September, BlockFi’s creditors approved a
bankruptcy
Bankruptcy

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co

Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co
Read this Term restructuring plan. This plan aims to recoup losses from the FTX
fallout and the collapse of crypto hedge fund Three Arrows Capital. Prince
disclosed to the jury that BlockFi’s association with FTX allegedly led to
losses exceeding “a little over a billion dollars.”

Prince pointed to loan agreements with Alameda,
which started in 2020 and 2021, with BlockFi extending up to USD $1 billion to
Alameda by May 2022. The unexpected twist came when Alameda Research repaid the
initial loan in full, only to find BlockFi extending new loans amounting to USD
$850 million.

Links with FTX and Alameda Research

BlockFi’s financial troubles escalated with the
collapse of the Terra Luna crypto ecosystem, leading to significant losses. To
recover, BlockFi sought repayment of its loans from Alameda, initiating a
process that eventually unfolded into a billion-dollar loss. The complex
relationship between the two entities deepened as BlockFi offered new loans to
Alameda.

BlockFi offered interest-bearing crypto-lending products prior to filing for bankruptcy last year. The accidental data leak
exposes the depth of BlockFi’s financial troubles, including its user base of
662,427, with a majority having balances below $1,000. BlockFi’s woes began in
mid-2022 with exposure to the collapsed crypto-focused hedge fund Three Arrows
Capital.

Last year, BlockFi sued Bankman-Fried’s Emergent Fidelity Technologies. The lawsuit, filed in the United States Bankruptcy
Court for the District of New Jersey, revolves around the seizure of Robinhood
shares pledged as collateral to BlockFi. In the lawsuit, Bankman-Fried
allegedly collateralized the Robinhood stocks by taking a loan for Alameda
Research.