Do Kwon, the cryptocurrency entrepreneur behind two digital currencies that lost an estimated $40 billion (nearly Rs. 3,28,500 crore) or more last year, has been charged with fraud by US prosecutors. An eight-count indictment against Kwon was made public in the US District Court in Manhattan, several hours after news of his arrest earlier Thursday in Montenegro. … Read more
The US Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global over some of the crypto exchange’s products, turning up the heat on the largely unregulated sector. Shares of Coinbase dropped nearly 13 percent to $67.33 (roughly Rs. 5,500) in extended trading after the company said on Wednesday that the regulator had issued it a Wells … Read more
Lawyers for Sam Bankman-Fried are nearing an agreement with US prosecutors on revised bail conditions for the indicted FTX cryptocurrency exchange founder, who is trying to convince a skeptical judge he should remain free. In a letter filed on Friday night in Manhattan federal court, Bankman-Fried’s lawyer Christian Everdell said both sides believed they were … Read more
Crypto banking colossus Silvergate on Wednesday said it will shut down in the face of market turmoil and regulatory pressure. Silvergate Bank opened in 1988 and started “pursuing digital currency customers” in 2013, according to its parent company Silvergate Capital Corporation. “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind … Read more
Sam Bankman-Fried’s lawyers said on Wednesday it may be necessary to delay the FTX cryptocurrency exchange founder’s scheduled Oct. 2 criminal trial, arguing it may take more time than expected to review the evidence and prepare a defense. In a letter to US District Judge Lewis Kaplan, the 31-year-old former billionaire’s lawyers said federal prosecutors … Read more
Binance, one of the world’s largest cryptocurrency exchanges, developed a plan to avoid the threat of prosecution by US authorities as it started an American entity in 2019, the Wall Street Journal reported on Sunday. Any lawsuit from US regulators, who had signaled a coming crackdown on unregulated offshore crypto players, would be like “nuclear fall out” … Read more
Coinbase has acquired One River Digital Asset Management (ORDAM), the cryptocurrency exchange said on Friday as it aims to beef up services and take advantage of weak valuations of digital asset companies. The company did not disclose the financial details of the deal, in which ORDAM will become Coinbase Asset Management and operate as a fully-owned … Read more
Three US Senators have asked giant cryptocurrency exchange Binance and its US partner Binance.US for information about their regulatory compliance and finances, citing a series of investigations by Reuters and some other media reports, according to a letter released on Wednesday. In the letter, Democrats Elizabeth Warren and Chris Van Hollen along with Republican Roger Marshall, called … Read more
Sam Bankman-Fried was hit with new criminal charges on Thursday, in an expanded indictment accusing the founder of the now-bankrupt FTX cryptocurrency exchange of conspiring to make more than 300 illegal political donations. Bankman-Fried now faces 12 criminal charges, including four for fraud and eight for conspiracy, up from eight charges in an earlier indictment, … Read more
Indian Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen discussed strengthening multilateral development banks, global debt vulnerabilities and crypto assets on the sidelines of the G20 finance chiefs meeting on Thursday, the finance ministry said. Yellen is expected to brief reporters later in the day and take part in a meeting of Group of … Read more