The recent scandal involving Paxful Inc. co-founder Artur Schaback pleading guilty to conspiracy charges related to the failure to maintain an effective anti-money laundering (AML) program has sent shockwaves through the financial industry. The Department of Justice revealed that Schaback’s negligence turned Paxful into a haven for criminal activities such as money laundering, fraud, and
Exchanges
Olubukola Akinwumi, the deputy director of the Central Bank of Nigeria (CBN), recently accused Binance of engaging in activities reserved for authorized banks and financial institutions. This accusation was made during his testimony in a lawsuit filed by the Economic and Financial Crimes Commission (EFCC) against Binance and its executive, Tigran Gambaryan. Akinwumi’s testimony highlighted
Taiwan Mobile, the second-largest telecom operator in Taiwan, has recently applied for a license to operate as a Virtual Asset Service Provider (VASP). The company is now listed as the 26th VASP by the Financial Supervisory Commission and is included in a list of Virtual Currency Platform Operators compliant with Money Laundering Prevention Laws. With
The European Banking Authority (EBA) has recently updated its Travel Rule guidelines to include crypto service providers and intermediaries. This update, outlined in the EU-2023/1113 regulations, requires crypto exchanges in the European Union to adhere to the Travel Rule guidelines starting December 30, 2024. The rule mandates that exchanges report information on funds and crypto
Recently, the crypto exchange KuCoin announced that it would be imposing a 7.5% value-added tax on trading fees for its Nigerian users starting on July 8. This decision marks a significant change for users in the country, as they will now have to pay an additional fee on each trade made on the platform. The
Binance.US, the American arm of the world’s largest cryptocurrency exchange, Binance, is gearing up for the next stage in its legal battle with the Securities and Exchange Commission (SEC). The SEC has filed multiple charges against Binance.US, alleging violations of securities laws. Despite efforts to dismiss these allegations, the court has ruled in favor of
Sony Group, a prominent conglomerate in Japan, has made headlines with its recent acquisition of Amber Japan, leading to the launch of a crypto exchange. The WhaleFin exchange, now under Sony’s ownership, will be rebranded as S.BLOX Co. This move signifies Sony’s entrance into the world of cryptocurrencies, expanding its portfolio beyond gaming, music, and
Kraken founder Jesse Powell made headlines when he announced a $1 million donation, predominantly in Ethereum, to support former US President Donald Trump’s re-election bid. Powell justified his donation by stating that it was intended to help the US maintain its leadership in blockchain technology. He expressed his excitement about backing the “only pro-crypto major
Recently, a US bankruptcy court granted FTX approval to seek votes on a liquidation plan that would pay customer claims in cash. This plan would determine payments to customers based on crypto prices at the time of FTX’s collapse in November 2022. Despite objections from some customers who believe they are entitled to higher amounts
A recent development in the legal battle between the US Securities and Exchange Commission (SEC) and Kraken, a popular cryptocurrency exchange, has seen a federal judge in California leaning towards allowing the lawsuit to proceed. Judge William Orrick expressed his inclination to deny Kraken’s request for dismissal during a recent hearing. The judge stated that