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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInMy Loaded Twitter Debate with Tether. Here We Go Again. | John Reed Stark
Two weeks ago, I criticized Binance in a long-form tweet and what followed was a bizarre and disturbing exchange with a Binance senior executive. A few days ago, I similarly criticized Tether in a long-form tweet and yet another albeit much more civilized and far more exhaustive debate ensued, this time with Tether’s Chief Technology […]
SEC Obtains Final Judgment Against Head Trader Charged in Fake Trading Scheme
The Securities and Exchange Commission has obtained a final judgment against a head trader at “EmpiresX,” which the agency charged with a fake trading scheme. According to the SEC’s complaint, filed June 30, 2022, Joshua David Nicholas was the head trader of a purported hedge fund known as EmpiresX that was operated by co-defendants Emerson […]
Crypto Exchange Binance Announces Exit from Canada, Citing Regulatory Tensions
Crypto exchange Binance has announced that it would cease operations in Canada, citing the challenging regulatory environment. “We had high hopes for the rest of the Canadian blockchain industry,” the company said in a Friday tweet. “Unfortunately, new guidance related to stablecoins and investor limits provided to crypto exchanges makes the Canada market no longer […]
Crypto companies Coinbase, Ripple are playing poker with the SEC
Cryptocurrency companies are playing a game of poker with the Securities and Exchange Commission, making bold threats to leave the U.S. as the regulator steps up pressure on the industry to toe the line. Major players are hoping that the SEC and Washington takes, what crypto watchers see as bluffs, seriously and soften the hard […]
US crypto tsar promises crackdown on digital platforms | Financial Times
The top US cryptocurrency enforcement tsar is promising a crackdown on illicit behaviour on digital platforms, saying the scale of crypto crime has grown “significantly” in the past four years. The Department of Justice is targeting crypto exchanges along with the “mixers and tumblers” that obscure the trail of transactions, said Eun Young Choi, who […]
Montenegro court releases crypto entrepreneur Do Kwon on bail | Reuters
A court in Montenegro agreed on Friday to release Do Kwon, a cryptocurrency entrepreneur charged in the U.S. with a multibillion-dollar fraud, on bail of 400,000 euros ($440,320), pending a trial on local charges. *** He was detained with Han Chang-joon, Terraform Labs’ former finance officer, who will also be released on bail of 400,000 […]
BlockFi Crypto Customers Lose Fight Over Disputed Coin Transfers – Bloomberg
BlockFi Inc. customers who tried to reclaim nearly $300 million in crypto after the company froze transfers last year don’t have a right to the digital assets, a judge ruled, handing potential losses to investors who held interest-bearing accounts. US Bankruptcy Judge Michael Kaplan sided with the company and dismissed the objections of a group […]
CME CEO Terry Duffy Says Firm Prepared to Leave Chicago If Necessary – Bloomberg
CME Group Inc. is prepared to leave Chicago if the city and state take steps that are perceived as “ill-conceived,” Chief Executive Officer Terry Duffy said in an interview. Duffy’s remarks, made in an episode of the Odd Lots podcast, come as Mayor Brandon Johnson is being sworn into office after proposing additional taxes, including one on financial transactions, to […]
SEC Wants to Slash $22M Fine on Crypto Firm LBRY for Violating Securities Law to $111K
The U.S. Securities and Exchange Commission (SEC) wants to revise a $22 million penalty set on crypto startup LBRY to $111,614, according to court documents from Friday. The regulator cited LBRY’s “lack of funds and near-defunct status,” as reasons for withdrawing its previous request for fine. In March last year, the SEC sued LBRY on […]
Some Popular Crypto Companies Lack Boards, Audits Despite FTX’s Fall – Bloomberg
Its sister trading house Alameda Research, which allegedly received unfettered access to FTX customer assets to fund its bets, had such poor recordkeeping that Bankman-Fried told staff members its books were “unauditable,” according to communications published by the group’s new management. Occasionally the firm would find $50 million in assets “lying around that we lost […]