The Public Ledger of Corruptioncryptocurrency

US / SEC sues Coinbase and Binance, files motion to freeze Binance assets

June 7, 2023June 8, 2023 5amResearch No Comments

The top US securities regulator sued cryptocurrency platform Coinbase on Tuesday, the second lawsuit in two days against a major crypto exchange, in a dramatic escalation of a crackdown on the industry and one that could dramatically transform a market that has largely operated outside regulation. The US Securities and Exchange Commission (SEC) on Monday…

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Binance crypto exchange halts withdrawals for Australian users

May 18, 2023May 21, 2023 5amResearch No Comments

The world’s largest cryptocurrency exchange has been kicked off a major Australian payments service and banned by big four bank Westpac, with customers suddenly unable to deposit or withdraw funds from the platform. Binance Australia – the local arm of the $6.7 billion crypto exchange Binance – told customers on Thursday afternoon they would no…

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Business & Economy, corporate corruption, Corruption, cryptocurrency

Crypto exchanges exit Canada but Coinbase intends to play the ‘long game’

May 16, 2023May 21, 2023 5amResearch No Comments

The world’s largest crypto exchange, Binance, said last week that it would stop servicing Canadian customers due to “new guidance related to stablecoins and investor limits provided to crypto exchanges.” But while the exchange said it will return to the country “someday,” its exit leaves behind a huge gap that its competitors are aiming to…

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As the US cracks down on crypto, Hong Kong extends a warm welcome

April 29, 2023May 15, 2023 5amResearch No Comments

In February, Hong Kong proposed a set of welcoming rules to regulate crypto-related activities. Under the new legal regime, retail investors will be allowed to trade certain digital assets on licensed exchanges, replacing a 2018 framework that restricted trading to only accredited investors.

The city is also paving the way to legalize stablecoins. One startup, which is backed by popular exchange KuCoin and USDC issuer Circle, recently launched an offshore Chinese yuan (CNH)-pegged stablecoin, the first of its kind in Greater China.

To create a favorable environment for web3 businesses, the city is facilitating communication between banks and crypto startups, many of which are scrambling to find alternatives following Silvergate Bank’s meltdown.

These moves are contrasting with Beijing’s heavy-handed crackdown on the crypto industry; they also highlight the degree to which the former British colony enjoys policy exceptions in certain areas, such as finance.

Business & Economy, cryptocurrency, Regulatory News, Spotlight, Tech, x.tech, z-Exclude

Fugitive CEO ordered to pay record $4.5 billion for global fraud scheme involving Bitcoin

April 27, 2023May 21, 2023 5amResearch No Comments

A United States judge has ordered a South African executive to pay more than US$3.4 billion (S$4.5 billion) in restitution and fines for a fraud scheme involving Bitcoin – the highest-ever civil monetary penalty in any US Commodity Futures Trading Commission (CFTC) case.

Cornelius Johannes Steynberg, the founder and chief executive officer of Mirror Trading International Proprietary, committed fraud tied to retail foreign currency transactions, among other violations, the agency said in a statement that announced the order by US District Judge Lee Yeakel.

Business & Economy, corporate corruption, Corruption, cryptocurrency, Enforcement Actions, enforcement archive, Tech, x.straitsTimes, z-Exclude

Trading firms identified as Binance VIP clients in CFTC lawsuit

April 7, 2023May 26, 2023 5amResearch No Comments

Binance, one of the world’s largest cryptocurrency exchanges, is facing a lawsuit filed by the United States Commodities Futures Trading Commission (CFTC) for allegedly violating US law by allowing US clients to trade on its platform without complying with Know Your Customer (KYC) standards. In the lawsuit, the CFTC identified three trading firms – Jane Street Group, Tower Research Capital, and Radix Trading – as Binance’s VIP clients, who allegedly received preferential treatment from the exchange.

According to Bloomberg, which cited “people familiar with the matter,” Radix Trading was identified as “Trading Firm A” in the CFTC’s suit, while Jane Street was “Trading Firm B” and Tower Research was “Trading Firm C.” The firms on the CFTC’s list were examples of US clients allegedly able to access Binance, despite not complying with KYC standards.

Business & Economy, Compliance, Corruption, cryptocurrency, Enforcement Actions, enforcement archive, government corruption, Investigations, Lawsuits, Regulatory News, Tech

Global / ChipMixer software ‘taken down’ by multi-national law enforcement coalition

March 17, 2023May 17, 2023 4am Research No Comments

German and US authorities, supported by Europol, have targeted ChipMixer, a cryptocurrency mixer used to keep crypto transactions private. The investigation was also supported by Belgium, Poland and Switzerland. On 15 March, national authorities took down the infrastructure of the platform, seizing 4 servers, and also seizing about 1909 Bitcoins in 55 transactions (approx. EUR 44.2 million) and 7 TB of data.

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Top crypto exchange bans dollar and euro transfers for Russians

March 9, 2023May 26, 2023 CorruptionLedger No Comments

The company attributed the decision to the latest round of Western sanctions against Russia, saying that transactions in dollars and euros will be unavailable to any individuals residing in Russia regardless of nationality.

The exchange also banned users based in the EU from making transfers in Russian rubles via the platform, according to media reports. When trying to make a transaction in rubles, the platform prompts users to select a ‘local currency’ for P2P.

“In order to continue using Binance P2P, users can choose other available fiat currencies,” a representative of the exchange told Forbes Russia.

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India tightens control of crypto

March 8, 2023May 14, 2023 CorruptionLedger No Comments

India has imposed money-laundering regulations on trade in cryptocurrencies, according to a government release published on Tuesday, in the latest step to tighten control of the sector. A range of crypto transactions, namely the exchange, transfer, safekeeping and administration of virtual assets, now fall under the Prevention of Money-Laundering Act (PMLA), the notification from the Ministry of Finance published by The Gazette of India states. The PMLA obliges financial institutions to keep a record of all transactions for ten years, provide the records to officials in necessary, and to verify clients’ identity.

Business & Economy, Corruption, cryptocurrency, International Conflict, Regulatory News, war, x.RT

Crypto platforms in no rush to shun Russia – Politico

February 25, 2023May 17, 2023 CorruptionLedger No Comments

Crypto exchanges Huobi and KuCoin, both based in Seychelles, failed to take steps to prevent sanctioned Russian banks from using their platforms, according to a report from the blockchain analytics firm Inca Digital provided to POLITICO. Both exchanges still allow traders to transact with debit cards issued by sanctioned Russian banks, including Sberbank, on their peer-to-peer platforms, according to the report, which will be published later today.

While neither exchange actually accepts funds from blacklisted banks, letting crypto buyers trade with each other using accounts with sanctioned institutions represents a “direct violation of U.S. and European sanctions with a little bit of a loophole,” Inca CEO Adam Zarazinski said in an interview.

Business & Economy, Corruption, cryptocurrency, government corruption, Regulatory News, Sanctions