Paxful Inc. co-founder and former CTO Artur Schaback recently made headlines by pleading guilty to conspiracy charges related to the failure to maintain an effective anti-money laundering (AML) program. The Department of Justice revealed that Schaback’s negligence transformed Paxful into a hotspot for various criminal activities, including money laundering, fraud, and extortion schemes. This not
Exchanges
The Central Bank of Nigeria’s deputy director, Olubukola Akinwumi, recently made some serious accusations against popular cryptocurrency exchange Binance. Akinwumi accused Binance of facilitating transactions that are typically reserved for authorized banks and financial institutions. These accusations were part of his testimony in a lawsuit filed by the Economic and Financial Crimes Commission (EFCC) against
The European Banking Authority (EBA) recently made updates to its Travel Rule guidelines, extending the regulations to include crypto service providers and intermediaries. This change is set to have a significant impact on the crypto exchanges operating within the European Union, affecting the way they handle funds and crypto asset transfers. Starting on December 30,
Taiwan Mobile, a prominent player in the telecom industry in Taiwan, has taken a significant step by applying for a license to operate as a Virtual Asset Service Provider (VASP). This move has positioned the company as the 26th VASP in Taiwan, according to the latest report from the Financial Supervisory Commission. The company’s General
Recently, the popular cryptocurrency exchange KuCoin made headlines by announcing that it would start collecting a 7.5% value-added tax on trading fees from its Nigerian users on July 8. This decision, outlined in a statement released on July 3, caught many users by surprise. The introduction of the VAT on transaction fees for Nigerian users
Binance.US, the American arm of the world’s largest crypto exchange by trading volume, Binance, recently addressed the ongoing legal dispute with the Securities and Exchange Commission (SEC). Despite the SEC’s decision to continue with the case, Binance.US expressed readiness to move forward in the judicial process. The SEC’s allegations surrounding securities law violations have not
Sony Group, a well-known conglomerate in Japan, has recently announced its plans to launch a crypto exchange after acquiring Amber Japan. The acquisition of Amber Japan’s WhaleFin exchange will result in the rebranding of the exchange to S.BLOX Co. This move comes as part of Sony’s strategy to diversify its portfolio and enter the cryptocurrency
Jesse Powell, the founder of Kraken, a cryptocurrency exchange platform, recently made headlines by donating $1 million, mainly in Ethereum, to support former US President Donald Trump’s re-election bid. Powell clarified in a statement that the intention behind this donation was to ensure the US maintains its leadership in blockchain technology. This move has sparked
A recent decision by a US bankruptcy court has given FTX the green light to move forward with a liquidation plan that involves paying customer claims in cash. This plan, which is set to pay customers based on crypto prices at the time of FTX’s collapse in November 2022, has faced objections from customers who
Recently, a federal judge in California revealed that he is leaning towards allowing the US Securities and Exchange Commission’s (SEC) lawsuit against Kraken to proceed. This decision casts uncertainty on Kraken’s attempts to have the case dismissed. The judge, William Orrick, stated during the oral arguments that he was “inclined to deny” Kraken’s request. He
