Tag: Report

Apple, Goldman Sachs drop plans for trading app: Report

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Apple and Goldman Sachs scrapped plans to launch an app for futures trading, CNBC reported on Sept. 19, citing people familiar with the plans.  The project had an initial rollout date for 2022, but it was put on hold last year as economic conditions deteriorated, with a rise in interest rates and inflation pressures driving investors away from risky assets. According to the sources, the project infrastructure was “mostly built” and is ready for launch if Apple proceeds with its original plan. Additionally, it is unclear whether Goldman and Apple…

Singapore Police report higher total involved in money laundering case

The Singapore Police Force is planning to take further action in response to the largest money laundering case in the country. Currently, cryptocurrencies valued at $26 million have already been seized in relation to the case. Major seizures It was reported in August that Singaporean authorities apprehended 10 foreign individuals, between the ages of 31 and 44, all of whom were holding Chinese passports. A new report from local media added the sum implicated in Singapore’s most extensive domestic money laundering investigation is now estimated to be $1.76 billion. In response, the official statement…

SEC Suffers Blow in Lawsuit Against Binance.US After Judge Denied Request To Probe Exchange’s Software: Report

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A US federal magistrate judge is reportedly choosing not to grant the U.S. Securities and Exchange Commission (SEC) permission to inspect the technological infrastructure of Binance’s American affiliate, a setback for the regulator. A new report from Bloomberg indicates the SEC asked Magistrate Judge Zia M. Faruqui on Monday for permission to search through Binance.US’s software, but Faruqui shot down the idea, saying he was not inclined to permit the inspection “at this time.” The judge told the regulator to come back with more specific requests, according to Bloomberg. The…

Stanford University, Home of Sam Bankman-Fried’s Professor Parents, Will Return ‘Gifts’ Donated by FTX: Report

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Parents of Sam Bankman-Fried Sued by FTX Estate Over Allegedly Siphoning Funds From Crypto Exchange: Report

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The parental guardians of former FTX CEO Sam Bankman-Fried are reportedly being sued by the crypto exchange’s bankruptcy estate for allegedly misappropriating funds. According to a new article from the Financial Times, Joseph Bankman and Barbara Fried are being sued by the FTX estate over allegedly siphoning funds from the now-bankrupt exchange. Says prosecutors, “As early as 2018, Bankman described Alameda as a ‘family business’ — a phrase he repeatedly used to refer to the FTX Group.” However, Bankman and Fried’s lawyers say the allegation is “a dangerous attempt to intimidate…

PayPal’s PYUSD Report Provides Valuable Insight Into The Stablecoin’s Performance So Far

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A new report has shown that the adoption of PayPal’s PYUSD stablecoin has seen less than favorable adoption rates since its inception. The crypto community remains skeptical about employing the new stablecoin for daily crypto payments and has opted for top competitor stablecoins like USDT and USDC.  PYUSD Experiences Sluggish Adoption Rate Global payments giant PayPal released its transparency report for its stablecoin, PYUSD, and the analysis of the report reveals that the PYUSD stablecoin may not be seeing as much adoption as PayPal and PYUSD stablecoin issuer, Paxos hoped…

Judges weigh early release for Sam Bankman-Fried as lawyers push First Amendment issues: Report

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A three-judge panel from the United States Court of Appeals for the Second Circuit has reportedly taken arguments from lawyers representing former FTX CEO Sam Bankman-Fried (SBF) under advisement in considering releasing him from jail prior to his October trial.  SBF’s defense team and the U.S. Attorney’s office were each given roughly five minutes to argue before a panel of judges on Sept. 19. One of the judges reportedly claimed SBF’s legal team’s First Amendment argument “has no play anymore” based on Bankman-Fried’s alleged attempts to intimidate witnesses including Caroline Ellison, the…

UK FCA Says It Made Crypto Firms, Banks Chat in Debanking Report Addressing Nigel Farage Allegations

The report, which follows allegations from broadcaster and former politician Nigel Farage that his bank account was shuttered over his political views, said “the most common reported reasons for personal and business account applications being declined, suspended or terminated were financial crime suspicions identified, due diligence concerns, and inactive/dormant accounts.” Source

Lawyer who laundered $400M from OneCoin scam denied new trial: Report

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The lawyer responsible for laundering $400 million from the OneCoin fraud has been denied a motion seeking a new trial, despite a prosecution witness having perjured themselves in the trial against him in 2019. According to a Sept. 18 report from Bloomberg, 54-year-old lawyer Mark Scott argued that he didn’t know OneCoin was a fraudulent operation at the time and should not be charged for his role in setting up the fund that laundered money for OneCoin founder Ruja “Cryptoqueen” Ignatov.  Scott was found guilty of money laundering and bank…

Crypto wallet market to grow by $686m by 2026: report

The market research firm Technavio’s new report shows that the crypto wallet market will grow by $686 million by 2026. The report is called “Crypto Wallet Market by Product and Geography – Forecast and Analysis 2022-2026.” Technavio estimates that the potential growth of the crypto wallet market from 2021 to 2026 will be over $686 million. This growth is driven by people’s increasing interest in digital currencies, which offer faster and cheaper bank transfers, a surge in e-commerce, higher currency transactions in low-income nations, and a rise in international remittances.…