Crypto News
Nigeria Seeks to Block Criminals From Capital Markets Via New Crypto Rules
Nigeria’s Securities and Exchange Commission (SEC) is moving to update its guidelines around cryptocurrencies to prevent criminals from participating in capital markets, according to local reports this week. The push comes amidst ongoing turbulence in Nigeria’s crypto sector regulation and signals intent to exert stronger control. Key details: Read more: Bitcoin Fever Grips South Korea …...
Bitcoin Fever Grips South Korea As “Kimchi Premium” Soars
A key indicator of retail investor enthusiasm for Bitcoin in South Korea has climbed to heights not seen in over two years this week. The “Kimchi Premium,” referring to the gap between Bitcoin prices on South Korean crypto exchanges compared to global exchanges, rose to 10.32% on March 1st, according to data firm CryptoQuant. This …...
Spain Orders Worldcoin to Halt Data Collection and Processing
Spain’s data protection regulator, the Spanish Agency for Data Protection (AEPD), has issued an order requiring Worldcoin to cease collecting and processing personal information within the country. According to the Financial Times, the regulator has given the Sam Altman-backed cryptocurrency project a 72-hour window to abide by its requirements. Additionally, the AEPD’s decision mandates that …...
Arizona Senate Considers Proposal to Include Bitcoin ETFs in Retirement Funds
The Arizona State Senate is currently reviewing a Bitcoin ETF proposal related to the investment portfolios of the Arizona State Retirement System (ASRS) and the Public Safety Personnel Retirement System (PSPRS). The proposal suggests that these retirement systems evaluate the potential inclusion of Bitcoin ETFs in their investment strategies. The bill, which passed the Senate’s …...
Binance.US Suffered Massive Layoffs and Revenue Loss Following SEC Lawsuit
A recent court deposition has shed light on the impact of the Securities and Exchange Commission’s (SEC) lawsuit against crypto exchange Binance.US in June 2023. Christopher Blodgett, a Binance.US executive, testified that the company experienced a 75% loss in revenue and was forced to lay off 200 employees, which is two-thirds of its workforce. Key …...
Cryptoqueen’s Brother Freed After Serving 34 Months in $4 Billion OneCoin Fraud
Konstantin Ignatov, the brother of the fugitive “Cryptoqueen” Ruja Ignatova, has been freed after being sentenced to the 34 months he had already spent in jail for his involvement in the $4 billion OneCoin cryptocurrency fraud. U.S. District Judge Edgardo Ramos in Manhattan freed Ignatov on Tuesday, according to a report by Bloomberg. The judge …...
SEC Files Cease-and-Desist Order Against ShapeShift, Agrees To Pay $275,000
The U.S. Securities and Exchange Commission (SEC) has issued a cease-and-desist order against ShapeShift. The cryptocurrency exchange was previously headquartered in Denver, Colorado. The SEC alleged that the company operated as an unregistered dealer for cryptocurrencies that were considered securities before 2021. Key points: Read more: Nexo Secures Initial Approval From Dubai’s VARA ShapeShift has …...
Nexo Secures Initial Approval from Dubai’s VARA
Nexo, a prominent digital assets institution, has announced that its Dubai-based entity, Nexo DWTC, has been granted an Initial Approval (IA) by Dubai’s Virtual Assets Regulatory Authority (VARA). The approval covers virtual asset lending and borrowing, management and investment, and broker-dealer activities. It positions Nexo as one of the first digital asset lending institutions to …...
Bitcoin Hits $69,000: BTC Reaches New All-Time High
Bitcoin has achieved a new milestone by surpassing its previous all-time high of $69,000. The historic moment occurred today and marked the end of an 827-day journey for BTC to reclaim its former peak. Since hitting a low of around $15,000 in the last quarter of 2022, Bitcoin has appreciated by approximately 360%. In 2024 …...
Terra’s Do Kwon Scores Victory in Montenegro Extradition Appeal
On March 5, 2024, the Court of Appeal of Montenegro decided to accept Do Kwon and his defense attorneys’ appeal. The court has annulled the decision of the High Court in Podgorica, which had previously allowed Kwon’s extradition to the United States. The decision to overturn the High Court’s ruling comes after the Appellate Court …...
BRICS To Launch Blockchain-Powered Crypto Payment System
The BRICS nations, consisting of Brazil, Russia, India, China, and South Africa, have announced their intention to create an independent payment system based on crypto and blockchain technology. According to Kremlin aide Yury Ushakov, the primary goal of this initiative is to provide a convenient, cost-effective, and politically neutral platform for governments, businesses, and individuals …...
Terraform Labs Fights Back Against SEC’s Counsel Payment Objections
Terraform Labs submitted a filing on Monday to address the SEC’s opposition to the company’s request to engage Dentons U.S. LLC as special counsel in its current Chapter 11 bankruptcy proceedings. The company called the SEC’s attempts to block its ability to pay legal fees a “troubling example of government overreach” designed to hinder its …...
Nigeria Demands $10 Billion From Binance: BBC
Nigeria has reportedly demanded cryptocurrency exchange Binance pay $10 billion amid alleged illegal transactions that harmed the country’s economy. The claim comes amid an ongoing crackdown and investigation into the trading platform. Key Context: A government adviser told the BBC on Friday that Nigeria is demanding the massive penalty due to Binance’s unauthorized operations, including …...
State Attorneys General Argue SEC Overreach in Kraken Lawsuit
A group of state attorneys general filed a court brief Thursday arguing that the U.S. Securities and Exchange Commission (SEC) has exceeded its powers by suing crypto exchange Kraken. Key Points: The state law officials from Montana, Arkansas, Iowa, and five other states said the SEC’s action risks harming consumers and contradicts precedents on when …...
Darknet Market Crypto Crime Revenue Spikes to $1.7 Billion: Report
Crypto related crime continues to evolve based on the environment. Darknet marketplaces and sanctions evasion are seeing increases even as overall volumes declined last year, according to blockchain analysis firm Chainalysis. Key Trends: In its annual crypto crime report released Thursday, Chainalysis said darknet market revenue jumped last year after the previous dominant player, Hydra, …...
US Govt Moves $952M in Seized BTC as Bitcoin Hits $63,000
The United States government transferred over $952 million worth of previously seized Bitcoin on Wednesday, the same day the cryptocurrency rose past $63,000. According to the data from Arkham, the transfers occurred in four transactions. The first transaction was 1 BTC, followed by 2,817 BTC, 0.01 BTC, and 12,267 BTC. Key Points: The test transfers …...
SEC Questions $166 Million Legal Costs in Terraform Labs Case
The U.S. Securities and Exchange Commission (SEC) argued this week that crypto firm Terraform Labs should have restrictions placed on its ability to pay legal costs during its ongoing bankruptcy case. The regulator took a specific aim at a $166 million retainer payment to law firm Dentons, according to Reuters. Key Points: Read more: Gemini …...
Gemini to Return $1.1 Billion to Customers Affected by Its Earn Program
Cryptocurrency exchange Gemini has committed to returning at least $1.1 billion to customers affected by the failure of its Gemini Earn lending program. The New York State Department of Financial Services (DFS) announced the settlement details. Key Points: Gemini launched Earn in 2021, allowing users to loan their crypto holdings to Genesis Global Capital. However, …...
Nigeria Detains Binance Executives Amid Crackdown on Crypto
The government of Nigeria has detained two senior executives from the cryptocurrency exchange Binance. This move comes as the country seeks to rein in speculation on the naira currency. The arrests come amid a broader crackdown on crypto trading platforms in Africa’s most populous nation, according to the Financial Times. Key Points: Read more: Nigeria …...
Elizabeth Warren Calls for Crypto to Follow Traditional Finance Rules
Senator Elizabeth Warren said in an interview Tuesday that she is willing to work with the crypto industry. However, she believes it must follow the same anti-money laundering rules and regulations as traditional financial institutions. “I want to collaborate with the industry. What I don’t understand is why the industry seems to be saying that …...
