Page 30 - Cryptocurrency

FTX founder Bankman-Fried charged with paying $40 million bribe to China

FTX founder Sam Bankman-Fried was charged with directing USD 40 million in bribes to one or more Chinese officials to unfreeze assets relating to his cryptocurrency business in a newly rewritten indictment unsealed on Tuesday. The charge of conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act raises to 13 the number of charges Bankman-Fried faces after he was arrested in the Bahamas in December and brought to the United States soon afterward. FTX filed for bankruptcy on November 11, when it ran out of money after the cryptocurrency equivalent of a bank run. He has remained free on a USD 250 million personal recognisance bond that lets him stay with his parents in Palo Alto, California. He has pleaded not guilty to charges that he cheated investors out of billions of dollars before his business collapsed. The alleged bribes stemmed from the operation of Alameda Research, which is affiliated with FTX, Bankman-Fried's global cryptocurrency exchange.

South Dakota Guv Noem's veto of cryptocurrency regulations upheld

South Dakota's House failed on Monday to override Gov. Kristi Noem's recent veto of a bill that would have created government regulations for the use of cryptocurrency in the state. The bill had passed smoothly throughout the legislature, and Noem's veto of last week was upheld on a 37-30 vote. Proponents had argued the bill would have centralized different cryptocurrency systems through one government oversight commission, boosting transparency. But opponents saw the proposed regulations as a tool for potential government surveillance and overreach, saying they wanted more time to see how such legislation fares in other states. Six other states have passed the Uniform Commercial Code's update, which requires tangible records of cryptocurrency exchanges so that they can be considered money. National commercial standards aim to regulate digital currency exchanges by adding transaction records, but Noem said such a step would take away from South Dakotans' market freedoms. It would b

Crypto exchange Binance, its CEO sued by CFTC over US regulatory violations

Binance Holdings is the world's largest cryptocurrency exchange

Crypto exchange Binance temporarily suspends all spot trading

According to Arcane Research, the world's largest crypto exchange has also increased its market share of Bitcoin spot volume to over 90 per cent in recent quarters, because of zero commission

Binance halts deposits, withdrawals after technical glitches: CEO Zhao

"Engine 1 is back online. Still need more time to do reconciliations, and for other engines to catch up," Zhao said in a subsequent tweet

Crypto fugitive Do Kown behind $40 bn crash arrested, charged with fraud

US prosecutors have arrested Do Kwon, the cryptocurrency entrepreneur behind the crash of two digital currencies (TerraUSD and Luna) that lost over $40 billion last year, and charged him with fraud

Crypto wrap: Market remained in green despite rate hikes by Fed, BoE

Another major development in the crypto world during the week was the US Securities and Exchange Commission's 'Wells notice' to crypto exchange Coinbase

US serves notice to Coinbase for allegedly breaking securities laws

Leading crypto exchange Coinbase has been put on notice by the US Securities and Exchange Commission for allegedly breaking securities laws

Bitcoin set to extend its 70% surge this year if key charts are right

Some analysts argue the token is being viewed as a hedge against the woes in the US and European banking sectors and benefiting from expectations of looser monetary policy

Crypto exchange WazirX blocked 2,431 accounts between Oct 2022-March 2023

WazirX received 431 requests from law enforcement agencies, against a total transaction volume of $390 million during the above-mentioned period

Crypto decouples from global financial markets amid banking sector gloom

The collapse of several banks in the last two weeks has spread fears of contagion in global markets, but crypto markets saw a bull run, with Bitcoin climbing to its nine-month high on Monday

Microsoft may integrate Crypto Wallet feature into its Edge browser

It comes secured by a password, along with a trusted recovery method if users ever lose their password, the report said

Crypto wrap: Opposite to global sentiments, crypto market jumps big

Cryptocurrency news: According to some experts, however, despite the bull run, the investors must remain cautious

Crypto under PMLA: CoinDCX registers itself as reporting entity with FIU

As per the Prevention of Money Laundering Act (PMLA), 2002, a reporting entity is required to conduct KYC verification of the customers and maintain their records

Crypto firms see no long term impact of fall of US banks, investors unsure

SVB crisis: After the SVB was shut down by US regulators on Friday, the crypto market plunged deep into the red, but they had largely recovered by Tuesday

Comprehensive approach

India needs legislation on cryptos

As PMLA tightens grip on crypto, here's how other nations regulate VDAs

As India strengthens the regulatory framework over the cryptocurrency sector, here is a list of countries that have taken a shot at addressing this complex issue

Bitcoin jumps to highest since June as global markets rally gathers pace

Bitcoin jumped as much as 9.6% to $26,533, its highest since June 2022, in its fourth straight days of gains

Hackers steal $197 mn from crypto lending platform Euler Finance

Cyber-criminals have stolen about $197 million in cryptocurrencies from crypto lending platform Euler Finance

Unbacked crypto assets pose financial and fiscal risks, warns IMF

The paper was presented to the G20 finance ministers and central bank governors in February in Bengaluru, and was made public on Monday