South Korea’s financial authorities are set to implement more stringent eligibility reviews for major shareholders in cryptocurrency exchanges. This move is reminiscent of the standards upheld within the banking sector and comes in response to recent legal issues involving shareholders of prominent domestic exchanges like Bithumb and Upbit. To address these concerns, the Financial Intelligence
Exchanges
South Korea’s leading cryptocurrency exchange, Upbit, recently found itself embroiled in a fraudulent activities scandal involving counterfeit tokens. As a result, the exchange was forced to suspend all withdrawals and deposits of Aptos’ native token APT on September 24. The interruption also impacted the deposit return process for both the legitimate APT token and the
A recent class action suit has targeted Fenwick & West, a law firm that previously provided services to FTX. However, in response, Fenwick has filed a legal defense seeking to dismiss the lawsuit. Let us delve into Fenwick’s arguments and analyze the grounds on which they defend themselves. First and foremost, Fenwick contends that the
Crypto exchange Bybit recently announced its decision to leave the U.K. market in response to the upcoming implementation of new crypto marketing rules by the Financial Conduct Authority (FCA). This article examines the implications of these regulations on Bybit’s operations and the challenges faced by crypto companies in the U.K. Bybit’s announcement on September 22
In a recent development, the Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Bit Trade Pty Ltd, the provider for Kraken Crypto Exchange. ASIC alleges that Bit Trade’s margin trading product has caused losses of approximately $12.95 million to Australian customers due to non-compliance with local laws. ASIC’s case revolves around Bit
In a recent statement, Binance CEO Changpeng ‘CZ’ Zhao has vehemently refuted claims that he took a $250 million loan from BAM Management. The reports, which stem from a court filing by the Securities and Exchange Commission (SEC), have been dubbed as “wrong information” by CZ. The controversy was sparked by an article published by
The once-prominent cryptocurrency exchange, Binance.US, has experienced a significant decline in its weekly trade volume, dropping from nearly $5 billion to a mere $40 million, according to crypto data firm Kaiko. This precipitous decrease can be attributed in part to the legal troubles faced by the exchange, particularly the charges filed against it by the
Hong Kong police officers have taken influential crypto personality Joseph Lam Chok into custody for his involvement in promoting the JPEX crypto platform, as reported by the South China Morning Post on September 18th. The authorities interrogated Lam Chok and conducted a raid at his company’s location in the Entertainment building in Central. JPEX is
NFL quarterback Trevor Lawrence, alongside popular YouTube influencers Kevin Paffrath and Tom Nash, has reached a settlement in a lawsuit surrounding their endorsement of the now-defunct FTX cryptocurrency exchange. According to a court filing, the terms of the settlement remain undisclosed. This agreement marks the first resolution among the numerous celebrities and companies accused of
Binance CEO Changpeng ‘CZ’ Zhao has addressed the rumors surrounding the departure of Binance.US CEO Brian Schoder, emphasizing the need for new leadership in light of the current regulatory challenges faced by the exchange. According to CZ, the regulatory landscape in the United States is rapidly evolving and becoming increasingly hostile towards the cryptocurrency industry.
