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Tag Archives: #Legal

EU Drafts Paper Regarding Exceptions to MiCA Regulation

Last year, the European Union unanimously voted for the Markets in Crypto Assets (MiCA) bill, considered by most to be the first comprehensive piece of legislation addressing the crypto industry as a whole. MiCA is, in itself, part of a larger set of financial laws known as DORA – but it has also given many crypto companies a reason to consider moving the bulk of their operations across the ocean. Several Adjustments to The Bill Although MiCA was published back in June 2023,...

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‘Bitboy’ Ben Armstrong Bids Farewell to Daily Show Amid Financial and Legal Battles

Ben Armstrong, widely known as “Bitboy,” has announced the discontinuation of his daily crypto show, bringing an end to a three-year run that garnered a significant following. The decision comes amid financial challenges and legal battles that have been plaguing the influential crypto personality. Financial Strain and Mounting Legal Bills Armstrong revealed the news through an emotional 10-minute video posted on his personal YouTube channel, where he disclosed that the daily...

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OneCoin Lawyer Sentenced to 10 Years in $400 Million Cryptocurrency Fraud Scheme

According to Manhattan federal prosecutors, Mark Scott, a former partner at the U.S. law firm Locke Lord, has been sentenced to 10 years in prison for his involvement in a $400 million fraudulent cryptocurrency scheme. The sentencing took place on Thursday, and Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud in November 2019, linked to his role in the OneCoin cryptocurrency fraud. Judge Orders $392 Million Forfeiture U.S....

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Court Rejects Binance Founder CZ Travel Request Despite $4.5B Equity

Changpeng Zhao, the founder of the crypto exchange Binance, encountered a setback last month when a federal judge denied his request to travel to the United Arab Emirates. CZ proposed using his substantial $4.5 billion stake in Binance as collateral, based on the company’s valuation from its last fundraising round two years ago. However, the Judge still rejected the request. Zhao Requests Travel Permission In November, Zhao pleaded guilty in a Seattle federal court for...

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Canadian Court Declares Crypto Protest Freeze Unconstitutional

During the pandemic, a new mandate requiring Canadian truckers that carried out trips across the border into the United States to receive the COVID-19 vaccine was wildly unpopular, resulting in what was known as the “Freedom Convoy” protest. Following a decision to protest the measure, truckers blocked the streets of Ottawa with their trucks and were supported in doing so by a significant amount of people both in Canada and abroad. Turning to Crypto Funding In order to...

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EU Tightens Regulations Regarding Crypto Transactions, Citing AML Concerns

The EU Parliament and Council recently reached a provisional agreement on a list of anti-money laundering and anti-terrorist financing laws. Although further deliberation on other proposed measures is yet to be had, the new measures will help streamline the efforts of the national financial agencies of EU countries in this area. Although cryptocurrencies are not the main focus of the new laws, the industry is nonetheless explicitly targeted by several of the provisions....

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SBF’s Parents Fight FTX’s Clawback Attempt

Joseph Bankman and Barbara Fried were always close to their son. A certain amount of interest in the well-being of their son and that of his business dealings is to be expected. However, the FTX estate, now led by bankruptcy specialist CEO John J Ray III, argues that SBF’s parents – particularly his father – had a much bigger presence in the FTX Groups’ dealings than it appears on paper. If the allegations can be proven true, benefits derived from FTX and its former CEO could...

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SEC Consents to Delay in Terraform Case Amid Extradition Proceedings for Do Kwon

The U.S. Securities and Exchange Commission (SEC) has expressed a lack of opposition to postponing the Terraform co-founder Do Kwon’s crypto fraud trial and, instead, is open to waiting until he is extradited. Two court filings were submitted by federal prosecutors, outlining the case against Kwon and Terraform Labs concerning the $40 billion collapse of TerraLuna (LUNC) and TerraUSD (UST) in May 2022. SEC Consents to Delay in Terraform Case The SEC has consented to a “modest...

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Father and Son Duo Sentenced to Prison for Bitcoin Money Laundering Scheme

A father-son duo, residents of Maryland, have been sentenced for their involvement in a dark web drug trafficking and Bitcoin money laundering scheme. Joseph Farace, aged 72, was sentenced to 19 months in federal prison on January 8 for aiding his son, Ryan Farace, aged 38, in the laundering of Bitcoin proceeds from illicit drug sales. Bitcoin Laundering Scheme Unearthed in Maryland A previously convicted felon, Ryan Farace, was sentenced to 54 months in federal prison,...

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Crypto Firms Faced Nearly $6B in Fines in 2023 for AML Violations

Crypto firms faced substantial regulatory action, collectively paying nearly $6 billion in fines primarily due to Anti-Money Laundering (AML) violations and deficiencies in customer checks last year. This marks a significant development, as crypto and fintech groups experienced higher fines for inadequate controls than the entire traditional financial system for the first time. Crypto-Related Fines Surge The total fines of $5.8 billion in 2023, including a substantial $4.3...

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