A recent analysis conducted by Bybit, a prominent crypto exchange, has raised concerns about a potential shortage of Bitcoin on exchanges by the end of 2024. The report indicates that reserves could be completely depleted within the next nine months if the current withdrawal rates, which are hovering around 7000 BTC per day, continue. This
Exchanges
US Senators Elizabeth Warren and Charles Grassley have initiated a formal request for a detailed account of interactions between Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam and disgraced crypto mogul Sam Bankman-Fried (SBF). The request, made through a letter dated April 12, aims to shed light on potential regulatory failures in light of Bankman-Fried’s
In a recent development, the Financial Crimes Enforcement Network (FinCEN) of the US Department of the Treasury has commended crypto exchange Coinbase for its substantial contributions to major criminal investigations. This acknowledgment signifies the pivotal role played by Coinbase in aiding law enforcement efforts through its compliance and reporting practices. The acknowledgment from FinCEN comes
A Nigerian High Court in Abuja has ordered that the detained Binance executive Tigran Gambaryan be remanded in prison following the postponement of his bail hearing. Gambaryan, a US citizen, pleaded not guilty to money laundering charges earlier today and will remain in custody until his bail hearing on April 18. The trial will commence
The recent decision by the bankrupt crypto exchange FTX to sell its Solana holdings at a significant discount to crypto venture firms has sparked strong disapproval from creditors. Reports have emerged that FTX sold 30 million SOL at a rate of $64 each to VC firms such as Pantera Capital and Galaxy Trading, representing a
The recent court hearing in Nigeria involving cryptocurrency exchange Binance revealed a significant lack of legal representation for the company. While the compliance chief, Tigran Gambaryan, was present at the hearing, no official legal team from Binance was in attendance. This raised concerns about the company’s preparedness to address the criminal charges it is facing
The recent legal challenges faced by KuCoin with US authorities have had a significant impact on user assets on the platform. The exchange’s latest proof-of-reserve certificate revealed a noticeable decline in user holdings, with Bitcoin decreasing by 25.4%, Ethereum by approximately 22%, and Tether’s USDT by about 22%. This decline is further supported by data
In a recent interview with Fortune, Coinbase CFO Alesia Haas made a bold statement by asserting that Ethereum (ETH) should not be classified as a security. Haas highlighted the previous positions of both the SEC and the CFTC, emphasizing the lack of regulatory clarity surrounding cryptocurrencies in the US as the root of the classification
CFTC Commissioner Caroline Pham recently made remarks indicating that the charges brought against KuCoin by her agency could potentially encroach on the jurisdictional responsibilities of the Securities and Exchange Commission (SEC). While Pham praised the Division of Enforcement for taking what she described as an “aggressive enforcement action,” she expressed reservations about certain aspects of
The US and UK governments have initiated a collaborative investigation into cryptocurrency transactions exceeding $20 billion that are suspected of violating Russian sanctions. Bloomberg News reported on March 28 that these transactions, believed to have been channeled through the Russia-based crypto exchange Garantex, are allegedly aimed at bypassing international sanctions in order to potentially finance
