Key Insights: The new Turkish regulation requires crypto exchanges to obtain licenses from the Capital Markets Board to ensure secure trading. Unauthorized crypto service providers face severe penalties, including imprisonment for up to five years. The regulation specifies that crypto asset providers must secure their systems according to TÜBİTAK standards. This week, the Turkish Parliament … Read more
Key Insights: Russia’s cryptocurrency ban targets all forms, allowing only locally issued digital assets starting in September. The Russian government aims to protect the ruble’s role as the sole currency through restrictive cryptocurrency regulations. Digital rubles and specific central bank projects will be exempt from Russia’s comprehensive cryptocurrency ban. Russia is set to introduce a … Read more
Key Insights: Sam Bankman-Fried’s sentencing to 25 years reflects a compromise between the prosecution’s demand for up to 50 years and the defense’s pleas for leniency. Judge Kaplan criticized Bankman-Fried for his lack of remorse and the potential future risks he poses, emphasizing the severity of his crimes. Bankman-Fried’s trial showcased a significant fall from … Read more
Key Insights: Sam Bankman-Fried, once a billionaire, could receive decades of prison time after being found guilty of fraud and conspiracy. Prosecutors request a 40 to 50-year sentence for Bankman-Fried, labeling the case one of the largest financial frauds in U.S. history. Bankman-Fried’s defense argues for a significantly lesser sentence, emphasizing efforts to recover funds … Read more
Key Insights: Judge Failla ruled against Coinbase’s motion to dismiss the SEC lawsuit, indicating the case has substantial grounds to proceed. While the SEC’s allegations against Coinbase’s operations gain traction, the claims regarding Coinbase Wallet were dismissed in court. The legal battle underscores the ongoing scrutiny and regulatory challenges facing the cryptocurrency industry in the … Read more
Key Insights: The DOJ has accused KuCoin and its founders of deliberately avoiding US anti-money laundering laws to facilitate criminal funds. Founders Chun Gan and Ke Tang could face up to five years in prison if convicted of the charges against them. Despite settling with the New York AG for $22 million, KuCoin’s legal troubles … Read more
Key Insights: The SEC’s request for a $1.95 billion fine against Ripple marks a significant escalation in the long-running legal dispute. Ripple’s CEO and chief legal officer vow to contest the proposed judgment, denouncing the SEC’s actions as unprecedented and unjust. The outcome of this case holds implications not just for Ripple but for the … Read more
Key Points: The London Stock Exchange’s initiative to introduce a market for Bitcoin ETNs signifies a significant step towards mainstream acceptance of cryptocurrencies in traditional financial markets. Prospective issuers must adhere to regulatory requirements and submit necessary documentation by April 15 to participate in the first day of trading on May 28, 2024. The approval … Read more
Still on multiple stings on the Binance exchange, a judge recently declined to give the United States Securities and Exchange Commission (SEC) unfettered access to Binance.US software at a hearing on Sept. 18. After that, the CEO of the world’s largest crypto exchange, Binance, took to X (formerly Twitter) to clarify few things regarding its … Read more