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Tag Archives: Exchange News

FTX Settles with CFTC for $12.7 Billion

The defunct exchange FTX, once operated by the disgraced convict Sam Bankman-Fried, has settled with the Commodity Futures Trading Commission (CFTC) for a whopping $12.7 billion. This development comes after the lawsuit, filed by the CFTC, played out for 19 months. While both parties have agreed to the number, the court’s approval remains. “The Proposed Settlement is an integral and valuable component of the Debtors’ proposed chapter 11 reorganization plan,” Carl R Metzger, senior trial...

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Nigerian Court Will Announce Verdict on Binance’s Tax Evasion Charges in October

Binance faces four tax evasion charges from Nigeria’s Federal Inland Revenue Service (FIRS). A court in Abuja has scheduled its verdict for October 11. Binance’s lawyer in Nigeria, Ayodele Omotilewa, argued on July 12 to have all charges dropped against Binance due to lack of sufficient grounds. They maintained the crypto exchange was not guilty in front of Judge Emeka Nwite. The same judge dropped tax evasion charges against Tigran Gambaryan and Nadeem Anjarwalla, Binance executives...

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US Representative Asks Government to Classify Binance Executive as Hostage If Not Released by Nigeria Soon

Rep. Rich McCormick has urged the US government to declare Binance executive Tigran Gambaryan a hostage if he is not released from the Nigerian government by mid-July. Nigerian courts take a recess until September from mid-July, which will leave Gambaryan locked up for longer than anticipated if his case does not conclude in a few days. He has remained arrested in Nigeria’s infamous Kuje Prison since February. In a resolution brought to the House Committee on Foreign Affairs, Rep McCormick...

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Sony to Step Into the Exchange Business, Operate Japanese Exchange Whalefin

Whalefin, a Japanese crypto exchange run by Amber Group, was sold to Sony last August. Now, Sony wishes to operate the exchange and mark its full-fledged entry into the crypto ecosystem. The road to kicking off the exchange’s functioning has begun, with Whalefin and Sony pushing out announcements to keep users ready for the new launch. Whalefin operated under the subsidiary Amber Japan, which Sony bought, will now witness rebranding to be named S.Blox. Amber Japan, before Amber took over in...

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SEC Files Lawsuit Against Consensys for Securities Violations

The US Securities and Exchanges Commission (SEC) has brought a lawsuit against Consensys, the parent company of MetaMask, for providing staking and brokerage services around unregistered securities contracts. This suit was filed on 28 June, stating, “Consensys violated the federal securities laws by failing to register as a broker and failing to register the offer and sale of certain securities, thereby depriving investors of crucial protections that those laws afford.” It also mentions how...

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US Lawmakers Meet with Detained Binance Executive in Nigerian Prison

US legislators Rep. French Hill (R-Ark.) and Rep. Chrissy Houlahan (D-Penn.)  visited Tigran Gambaryan in Kuje Prison when they visited Nigeria for talks on counterterrorism. Gambaryan was arrested in Nigeria in February on money laundering charges levied against Binance, which most agree is made up to extort money from the exchange. Nigeria had also detained him on tax evasion charges, but the courts acquitted him of it on 14 June. He was detained alongside another Binance executive, Nadeem...

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CertiK Finds Kraken Vulnerability, Drains $3 Million From the Exchange

CertiK, the Web3 cybersecurity firm, has exploited a vulnerability in Kraken’s software to siphon away $3 million. Kraken has accused CertiK of not returning the funds and trying to extort it for unreasonable amounts. On June 9, CertiK siphoned away the $3 million despite making a minute transaction of just $4, which was enough to alert Kraken. So, the exchange felt there was no reason to drain its treasury of the millions. No user funds were affected during this fiasco. Nick Percoco, Chief...

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Indian Financial Agency Issues $2.25 Million Fine to Binance

- Ad - Binance is yet again under legal fire – this time in India. The Indian Financial Intelligence Unit (FIU) has issued a penalty of $2.25 million (Rupees 188.2 million) to Binance for failing to abide by the nation’s Prevention of Money Laundering Act (PMLA), 2002. This financial watchdog previously banned it from providing services to Indian customers through a show cause notice. Numerous offshore exchanges servicing Indian clients also received such notices. The FIU announced on 19...

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FTX Victims Unhappy with Bankruptcy Proceedings, Feeling ‘Aggrieved and Robbed’

FTX victims expressed unhappiness with the defunct exchange’s bankruptcy proceedings, claiming the estate overseeing the proceedings is no different than “the enterprise run by SBF (Sam Bankman-Fried). Their concern arises from the compensation FTX’s bankruptcy estate owes, which it may not try to meet adequately according to what the investors feel they rightfully deserve. In a court filing, they stated that digital assets have grown tremendously since FTX went bust in the 2022 bear market,...

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FTX Bankruptcy Report Reveals the Exchange Loaned Millions to an Australian Influencer

Alex Saunders, an Australian crypto/finance influencer and founder of Facebook group Nugget’s News, is revealed to have collected AU$17.5 million (US$13.2 million) in loans from FTX. The now-defunct exchange wanted to evade bad press because of the scheme it was involved in with Saunders. Saunders had lured innocent investors into providing him with funds by sending it to his crypto wallets. He claimed that he would direct toward developing multiple crypto protocols. In return, he would...

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