Allegations against Binance from French prosecutors “relates on the one hand to acts of illegal exercise” of operating as a digital asset service provider and “acts of aggravated money laundering, by competition with operations of investments, concealment, conversion, the latter being carried out by perpetrators of offenses having generated profits,” the Paris’ public prosecution office told CoinDesk. Source
In March, the South Korean national was arrested in Montenegro over the alleged possession of falsified documents along with fellow Terra executive Han Chang-Joon. South Korean officials were already searching for Kwon, and following his arrest, the country requested Kwon’s extradition, as did the U.S. Kwon also faces possible jail time in Montenegro over the document forgery case. Source
Goldman Sachs is currently facing scrutiny from the Federal Reserve and Securities and Exchange Commission (SEC) regarding its involvement in the purchase of Silicon Valley Bank’s securities portfolio prior to the bank’s collapse, The Wall Street Journal has reported, citing sources familiar with the matter. Breaking: Goldman Sachs is being investigated by the Federal Reserve and the Securities and Exchange Commission over its role in Silicon Valley Bank’s final days https://t.co/L7buF8TfvX — The Wall Street Journal (@WSJ) June 15, 2023 According to the report, both agencies are investigating Goldman Sachs’ actions…
Goldman Sachs is currently facing scrutiny from the Federal Reserve and Securities and Exchange Commission (SEC) regarding its involvement in the purchase of Silicon Valley Bank’s securities portfolio prior to the bank’s collapse, The Wall Street Journal has reported, citing sources familiar with the matter. Breaking: Goldman Sachs is being investigated by the Federal Reserve and the Securities and Exchange Commission over its role in Silicon Valley Bank’s final days https://t.co/L7buF8TfvX — The Wall Street Journal (@WSJ) June 15, 2023 According to the report, both agencies are investigating Goldman Sachs’ actions…
A United States federal judge is reportedly weighing a proposal to split former FTX CEO Sam Bankman-Fried’s (SBF) criminal charges into two trials following a filing from prosecutors. According to a June 15 report from The Wall Street Journal, Judge Lewis Kaplan of the District Court for the Southern District of New York was considering whether to dismiss or separate charges in Bankman-Fried’s criminal case after an “imaginative” argument from the former FTX CEO’s legal team. Bankman-Fried’s lawyers filed a motion that argued he should not face charges that had…
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…
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,…
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…
“Due diligence on potential customers should not “create undue burden”, particularly “for those setting up an office in Hong Kong to look for the opportunities here”, the April 27 letter from the HKMA said to the banks, reported the Financial Times. Source
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…