Month: May 2023

Crypto exchange Bybit exits Canada, citing ‘recent regulatory development’

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Cryptocurrency exchange Bybit has announced it will be pausing its products and services to residents and nationals of Canada following certain developments in the regulatory space. In a May 30 blog post, Bybit said it will not accept account opening applications from Canadians starting on May 31. Current users of the crypto exchange will have until July 31 to make deposits and “increase any of their existing positions” before these services are phased out, with other positions liquidated after Sept. 30. Bybit did not offer any explanation for the market…

Some SBF charges will be dropped if Bahamas objects, U.S. prosecutors say

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United States prosecutors will drop some of the charges against former FTX CEO Sam Bankman-Fried if the Bahamas government objects to them, according to a document filed on May 29 in the U.S. District Court for the Southern District of New York. And the charges against Sam Bankman-Fried are beginning to disappear… h/t @DecentFiJC pic.twitter.com/JEIF0uR31i — @amuse (@amuse) May 30, 2023 The document was filed in response to a May 8 defense motion that had attempted to dismiss some of Bankman-Fried’s charges. The defense had argued on May 8 that…

Bitcoin on-chain and options data hint at a decisive move in BTC price

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Bitcoin’s volatility has dropped to historically low levels thanks to macroeconomic uncertainty and low market liquidity. However, on-chain and options market data allude to incoming volatility in June. The Bitcoin Volatility Index, which measures the daily fluctuations in Bitcoin’s (BTC) price, shows that the 30-day volatility in Bitcoin’s price was 1.52%, which is less than half of the yearly averages across Bitcoin’s history, with values usually above 4%. According to Glassnode, the expectation of volatility is a “logical conclusion” based on the fact that low volatility levels were only seen for 19.3%…

2021 – The Year Bitcoin Became Salvadoran

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When the bill was announced in July 2021, BTC was trading at around $30,000. When the bill became law in September 2021, it was trading around $45,000. By September 2022, a year after the law was enacted, it was below $20,000. Any discussion around El Salvador and adoption would be incomplete without acknowledging these price swings and the bitcoin bear market. Original

US district judge sends matter of FTX independent examiner to appellate court

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A United State district judge has referred a motion requesting the appointment of an independent examiner for bankrupt crypto exchange FTX to appellate court. In documents filed in U.S. District Court for the District of Delaware on May 30, Judge Colm Connolly said the U.S. trustee in FTX’s case, Andrew Vara, requested an appeal following the bankruptcy court rejecting a motion in February to appoint an examiner overseeing the failed crypto exchange. According to court filings, bankruptcy laws allow the appointment of an independent examiner when certain conditions are met…

Former Coinbase Employee, U.S. SEC Settle Insider Trading Charges

“We allege that Ishan and Nikhil Wahi, respectively, tipped and traded securities based on material nonpublic information, and that’s insider trading, pure and simple,” he said. “The federal securities laws do not exempt crypto asset securities from the prohibition against insider trading, nor does the SEC. I am grateful to the SEC staff for successfully working to resolve this matter.” Source

SEC settles case against Wahi brothers for Coinbase insider trading

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Former Coinbase product manager Ishan Wahi and his brother Nikhil Wahi have agreed to settle charges of insider trading brought against them by the United States Securities and Exchange Commission (SEC), the agency announced onMay 30. The brothers were accused of using knowledge of nine crypto assets that would be listed on Coinbase in the future to purchase before listing. The SEC filed suit against them on July 21, 2022. That agency is now demanding disgorgement of ill-gotten gains with interest. SEC’s Division of Enforcement director Gurbir S. Grewal said in…