Tag: Report

Do Kwon heading into extradition custody in Montenegro after receiving bail: Report

boss

Terraform Labs co-founder Do Kwon will reportedly be taken into extradition custody in Montenegro, according to a report by the regional edition of Radio Free Europe (RFE). He also faces questions about ties to a local political figure. A spokesperson for the High Court of Montenegro told RFE that Kwon was ordered into custody for six months while the court decides on South Korea’s extradition request for him. A Seoul court issued an arrest warrant for Kwon in September. His case has been called “the largest financial fraud or financial securities…

Hong Kong Regulator Admits to Pressuring Major Global Banks to Onboard Crypto Exchanges As Clients: Report

boss

A Hong Kong regulatory agency is reportedly admitting to pushing global banks operating in its jurisdiction toward accepting crypto exchange platforms as clients. According to a new report by Reuters, The Hong Kong Monetary Authority (HKMA), the body that regulates banks in the region, says that it had asked major financial institutions to “try and meet the business needs of licensed crypto exchanges.” Blue-chip institutions HKMA had asked to onboard crypto exchanges include UK-based lenders HSBC and Standard Chartered, and the Bank of China, a Chinese state-owned bank. Last month,…

Exchanges pledged $2.5B to user protection funds amid FTX’s collapse: Report

boss

According to a new report published by blockchain analytics firm Nansen on June 14, most reputable cryptocurrency exchanges adopted user protection funds amid the collapse of FTX. Together, exchanges such as Binance, OKX and Bitget have more than $2 billion combined in nominal fiat protection funds. Meanwhile, Huobi’s insurance fund is collateralized by 20,000 Bitcoin (BTC), while Coinbase grants up to 150,000 British pounds ($189,140) worth of insurance to U.K. customers’ accounts. The Nansen researchers wrote: “Proof of Reserves should become the minimum standard in the exchange industry, However, as…

Hong Kong govt pressures banking giants to accept crypto clients: Report

boss

The Hong Kong Monetary Authority (HKMA), which serves as the region’s central bank and regulator, has reportedly put pressure on major banks including HSBC and Standard Chartered to accept crypto exchanges as clients. According to a June 15 report from the Financial Times, which cited three sources familiar with the matter, the HKMA questioned the UK-based firms as well as the Bank of China in a May meeting — asking the institutions why they weren’t taking on cryptocurrency exchanges as clients. Less than a month before on April 27, the…

Irish data watchdog blocks Google from launching Bard in the EU: Report

boss

The Irish Data Protection Commission (DPC) has reportedly blocked the launch of Google’s generative artificial intelligence (AI) service, Bard, in the European Union over privacy concerns.  Google launched Bard in the United States, United Kingdom and 178 other countries earlier this year. However, it’s so far been unable to crack the EU. The Mountain View, California company reportedly intended to remedy that during the week of June 13, but as Politico reports, those plans have come to a halt. Per the report, DPC deputy commissioner Graham Doyle stated that Google…

UN report highlights ‘serious and urgent’ concerns about AI deepfakes

boss

The United Nations has called artificial intelligence-generated media a “serious and urgent” threat to information integrity, particularly on social media. In a June 12 report, the UN claimed the risk of disinformation online has “intensified” due to “rapid advancements in technology, such as generative artificial intelligence” and singled out deepfakes in particular. The UN said false information and hate speech generated by AI is “convincingly presented to users as fact.” Last month, the S&P 500 briefly dipped due to an AI-generated image and faked news report of an explosion near…

Binance.US hires former SEC enforcement official amid lawsuit: Report

boss

United States-based crypto exchange Binance.US has reportedly hired a former enforcement official from the Securities and Exchange Commission (SEC) as part of the legal team to defend itself against allegations of operating as an unregistered securities exchange. According to a June 12 report from Bloomberg, Binance.US has hired former SEC enforcement co-director George Canellos with the international law firm Milbank LLP along with three other lawyers. Canellos left the SEC in 2014 after serving for more than 4 years in different leadership positions. “Binance is clearly preparing for a criminal…

Nigeria regulator halts Binance operations: Report

boss

It has been a tough week for cryptocurrency exchange Binance. On June 9, Nigeria’s securities authority reportedly deemed the exchange illegal, just days after Binance was sued by the U.S. Securities and Exchange Commission.  “Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” Nigeria’s Securities and Exchange Commission (SEC) said in a statement seen by Bloomberg. The regulator also noted that Binance is neither registered nor regulated in the country, making its operations illegal. “Any member of the investing public dealing with the…

Two Senators Allege Binance Crypto Exchange Lied to US Congress, Ask Justice Department To Investigate: Report

boss

Two US Senators are reportedly asking the Department of Justice (DOJ) to investigate crypto exchange Binance for allegedly lying to Congress. According to a new report by Reuters, Democratic Senators Elizabeth Warren of Massachusetts and Chris Van Hollen of Maryland recently penned a letter to the DOJ claiming that Binance, the largest crypto exchange platform by volume, gave misleading information to Congress. The Senators allege that Binance lied to a panel of bi-partisan lawmakers earlier this year who were gathering information from industry leaders as they weighed possible new regulations.…