Daily Archives: February 9, 2023, 7:00 pm

Binance.US CFO Says Customer Funds Are Safe – WSJ

The U.S.-based arm of crypto exchange Binance doesn’t lend out customer assets and doesn’t commingle deposits with the larger platform, its financial chief said Wednesday. “If all our customers show up tomorrow and demand their money…we will still have corporate assets left on our balance sheet,” Jasmine Lee said at The Wall Street Journal’s CFO Network Summit. “The whole concept…

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Kraken to Discontinue Unregistered Offer and Sale of Crypto Asset Staking-As-A-Service Program and Pay $30 Million to Settle SEC Charges

The Securities and Exchange Commission today charged Payward Ventures, Inc. and Payward Trading Ltd., both commonly known as Kraken, with failing to register the offer and sale of their crypto asset staking-as-a-service program, whereby investors transfer crypto assets to Kraken for staking in exchange for advertised annual investment returns of as much as 21 percent. To settle the SEC’s charges,…

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Why An Independent Examiner In The FTX Bankruptcy Is Critical | John Reed Stark, LinkedIn

The February 6, 2023 hearing, before U.S. Bankruptcy Court Judge John T. Dorsey, pertains to a disturbing issue which has been brewing in the FTX bankruptcy – whether the FTX bankruptcy judge should appoint an independent examiner in the matter. Whether the FTX bankruptcy needs an independent examiner is obvious. Only an independent examiner whose sole mission is to seek…

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Why two top San Francisco SEC veterans disagree on crypto | San Francisco News | sfexaminer.com

They were the Securities and Exchange Commission duo who took down a major Silicon Valley scam at the dawn of the web revolution, and now they’re duking it out over cryptocurrency. Marc Fagel, the SEC’s former San Francisco regional director, and Michael Dicke, once Fagel’s No. 2 who served as associate director, led the team that exposed the stock options…

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U.S. Agencies Seek Tougher Rules, Internal Probes on Stock Trading by Federal Officials – WSJ

Separately, the SEC last week proposed new ethics restrictions, including banning employees from investing in financial industry sector funds. The SEC already bars employees from owning or trading stocks that are under investigation by the agency, regardless of whether the employee is working on the matter. The SEC’s ethics rules are stricter than those at many other agencies. But the…

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Sorry crypto world, but SEC isn’t backing down on ‘regulation by enforcement’ | Reuters

Hodl Law, which describes itself as focusing on “legal services for digital assets and cryptocurrency,” sued the SEC last November in federal court in San Diego, arguing that the SEC has engaged in “years-long, purposeful delay and obfuscation” in order to extend its regulatory reach over cryptocurrencies. That strategy, Hodl Law asserted, didn’t give token-holders fair notice about whether their…

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Crypto Exchange Kraken Faces SEC Probe Over Unregistered Securities – Bloomberg

Kraken, one of the world’s largest cryptocurrency exchanges, is embroiled in a probe by a top US financial regulator over whether it broke securities rules related to certain offerings to American clients, according to a person with knowledge of the matter. The Securities and Exchange Commission probe into whether Kraken offered unregistered securities is at an advanced stage and could…

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