Crypto News- Crypto exchanges around the globe are grappling with a fresh wave of regulatory challenges, with KuCoin and its founders recently indicted by the United States Department of Justice (DOJ) for allegedly operating without a license and violating the Bank Secrecy Act. The DOJ’s move coincides with a civil enforcement case by the U.S. Commodity Futures Trading Commission (CFTC) against KuCoin, alleging multiple violations by the exchange, including handling over $5 billion in suspicious and criminal funds.
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Adding to the regulatory pressures, Coinbase faced a setback as District Judge Katherine Failla denied its motion to dismiss a lawsuit from the U.S. Securities and Exchange Commission (SEC), arguing over the classification of certain transactions as securities.
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In the Philippines, concerns over unlicensed operations led to the blocking of local users’ access to Binance, while in Russia, Binance’s successor, CommEx, announced its shutdown and halted deposits, following its acquisition of Binance’s Russian business in 2023.
Amidst these challenges, developments in the crypto industry continue, with BlackRock’s Bitcoin exchange-traded fund (ETF) poised to surpass Grayscale Bitcoin Trust (GBTC) holdings, Galaxy Digital reporting a significant turnaround in net income for 2023, and Goldman Sachs observing renewed interest from hedge fund clients in crypto investments, particularly in Bitcoin-related products.
Additionally, SWIFT has declared successful results from the second phase of sandbox testing for its CBDC interlinking solution, exploring various use cases including digital trading with instant settlement, tokenization platforms, and connectivity with existing foreign exchange infrastructures. SWIFT plans to further develop its connector based on these findings.
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