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Join the Securities Litigation and Enforcement Group on LinkedInBinance Crackdown Threatens US Firms Trading Crypto, Alarming Market – Bloomberg
A top US regulator’s case against Binance Holdings Ltd. is mushrooming well beyond Changpeng Zhao’s company and rattling American firms that officials say worked with the exchange to trade crypto. The Commodity Futures Trading Commission’s scrutiny of arrangements that three trading firms had with the exchange has already sent chills across an industry, which relies […]
Inaugural Peter J. Henning Lecture — Business Law Prof Blog
I am pleased to share with you that the inaugural Peter J. Henning Lecture at Wayne State University Law School will be held next Monday, April 3rd, at 6:00 pm. The speaker is the Honorable Jed S. Rakoff (United States District Court for the Southern District of New York) who knew Peter and valued his […]
Sam Bankman-Fried paid over $40 million to bribe at least one Chinese official, DOJ alleges in new indictment
FTX co-founder Sam Bankman-Fried paid out tens of millions of dollars worth of bribes to at least one Chinese government official, federal prosecutors alleged in a new indictment Tuesday. The federal government alleges that accounts belonging to Bankman-Fried’s hedge fund, Alameda Research, were the target of a freezing order from Chinese police “in or around” […]
Cryptocurrencies add nothing useful to society, says chip-maker Nvidia | The Guardian
The US chip-maker Nvidia has said cryptocurrencies do not “bring anything useful for society” despite the company’s powerful processors selling in huge quantities to the sector. Michael Kagan, its chief technology officer, said other uses of processing power such as the artificial intelligence chatbot ChatGPT were more worthwhile than mining crypto. Source: Cryptocurrencies add nothing […]
Binance, Coinbase Scrutiny Signify Crypto Crackdown – Bloomberg
Also in March, the SEC sued crypto entrepreneur Justin Sun for allegedly manipulating the market—and accused celebrities, including Lindsay Lohan and Jake Paul, of promoting Sun’s tokens without disclosing they were paid to do so. The implicit message from regulators: They’re out to tame almost every corner of the crypto market, whether Americans are trading on […]
Binance Is Hiding U.S. Crypto Trading Activity, Regulator Says – The New York Times
The C.F.T.C., in its complaint, also said Binance had sought to expand its business by soliciting U.S. customers without ever being “registered with the C.F.T.C. in any capacity.” The company “has disregarded federal laws essential to the integrity and vitality of the U.S. financial markets,” the complaint said. The filing noted that Mr. Zhao had […]
Here’s why CFTC suing Binance is a bigger deal than an SEC enforcement
The CFTC lawsuit against Binance is a big deal for the crypto industry, given its general belief that the CFTC doesn’t pursue small crypto players without merit. This was evident in the Bitfinex case back in 2018, in which the crypto exchange settled with a hefty fine in 2021. Adam Cochran, a crypto observer, reiterated a similar […]
The SEC Sets Its Sights on ESG
So where does this leave us? The SEC is closely watching the rapid growth of ESG strategies and investments. The commission is concerned that market demand for ESG products has created a financial incentive for asset managers to identify products as ESG, even when the definition is not entirely fitting. The SEC is also concerned […]
Crypto Exchange Binance, Founder CZ Sued by CFTC Over Unregistered Derivatives Products
The U.S. Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and founder Changpeng Zhao Monday on allegations the company knowingly offered unregistered crypto derivatives products in the U.S. against federal law. The lawsuit, filed in the U.S. District Court for the Northern District of Illinois on Monday, alleged that Binance operated a derivatives trading […]