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Looking for "Exchange"

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arusso • Jul 2, 2024, 10:34 am EDT

Sony Enters Crypto Arena with Launch of an Exchange

Electronics giant Sony, valued at $105 billion, is making a bold move into the cryptocurrency market with the launch of its own bitcoin and crypto exchange, S.BLOX. This strategic initiative follows Sony’s acquisition of Amber Japan, a notable exchange formerly known as DeCurret before being taken over by Singapore-based Amber Group in 2022. Purchased through Sony’s subsidiary, Quetta Web, Amber Japan has now been rebranded as S.BLOX. Sony’s entry into the crypto space marks a significant step in the company’s evolution. The exact launch date for S.BLOX remains under wraps, but Sony has announced plans for substantial upgrades to the

2 minutes

johnd • Jul 1, 2024, 12:29 pm EDT

Mt. Gox Set to Return Billions in Bitcoin to Victims: A Decade-Long Wait Finally Ends

In the cryptocurrency world, few stories are as infamous as the rise and fall of Mt. Gox, the Tokyo-based bitcoin exchange that once dominated the market. Now, after a decade-long legal and financial odyssey, Mt. Gox is set to repay its users nearly $9 billion worth of tokens. This momentous event, scheduled to begin in early July, marks a significant milestone for the thousands of creditors who have waited years for restitution. Mt. Gox’s downfall began in early 2014, when a series of devastating hacks led to the loss of up to 950,000 bitcoins, valued at over $59 billion today.

3 minutes

arusso • Apr 2, 2024, 1:24 pm EDT

KuCoin Faces Legal Challenges Over Anti-Money Laundering Violations

Federal prosecutors in Manhattan have brought charges against KuCoin. The exchange, one of the largest in the global cryptocurrency market, is accused of contravening U.S. anti-money laundering regulations. Charges by Federal Prosecutors On Tuesday, authorities charged KuCoin for its alleged failure to adhere to U.S. anti-money laundering laws. Since its establishment in 2017, the exchange is accused of enabling the transfer of billions of dollars in illicit funds without conducting necessary customer background checks. This lapse has led to significant legal repercussions for the company and its founders. Chun Gan and Ke Tang the Chinese nationals who co-founded KuCoin, have

2 minutes

johnd • Mar 28, 2024, 12:48 pm EDT

Sam Bankman-Fried Sentenced to 25 Years in FTX Fraud Case

Sam Bankman-Fried, founder of the now-bankrupt FTX cryptocurrency exchange, was sentenced to 25 years in prison by U.S. District Judge Lewis Kaplan on Thursday. This sentence follows his conviction for stealing $8 billion from FTX customers, marking the end of a dramatic fall from grace for the former billionaire. In a Manhattan court hearing, Judge Kaplan dismissed Bankman-Fried’s claim that FTX customers did not lose money and accused him of lying during his trial testimony. On November 2, Bankman-Fried, aged 32, was found guilty of seven counts of fraud and conspiracy related to FTX’s collapse in 2022, described by prosecutors

2 minutes

arusso • Feb 20, 2024, 10:07 am EST

Is Self Custody Under Attack?

Significant concerns have been raised about the future of financial autonomy, as the United Kingdom appears to be tightening its grip on cryptocurrency transactions, particularly those involving self-custodial wallets. Kraken, a leading cryptocurrency exchange, has been compelled to inquire into its UK users’ self-custodial wallet activities, citing unspecified local regulations. Kraken’s Unprecedented Request to UK Users Kraken’s recent directive to its UK clientele to verify their self-custodial wallets or validate their identities marks a departure from the traditional ethos of cryptocurrency, which values privacy and user autonomy. This development, first highlighted by Kraken’s UK user James Van Straten, signifies a

3 minutes

Zach Menzel • Feb 7, 2024, 4:16 pm EST

Binance Set To Delist Monero Among Other Alt Coins

Binance, a leading cryptocurrency exchange, has announced that effective February 20th, 2024, it will be delisting several altcoins from its platform. This decision follows a lawsuit from the United States Securities and Exchange Commission (SEC), which has clarified which specific coins are affected. Among those being removed are Aragon (ANT), Multichain (MULTI), Vai (VAI), with Monero (XMR) being the largest and most notable. The Unique Case of Monero Monero stands out among these altcoins. While the precise reasons for its delisting are not disclosed, some news outlets, including The Crypto Potato, speculate that the primary concern is the coin’s emphasis

2 minutes

johnd • Jan 1, 2024, 9:51 am EST

Additional Charges Against SBF Dropped

The US Federal Government has opted not to pursue a second trial against Sam Bankman-Fried, the former head of cryptocurrency exchange FTX. Prosecutors have dropped six charges against the scammer including campaign finance violations and conspiracy to commit bribery charges. The development follows the first criminal trial where Bankman-Fried was found guilty on multiple counts, including wire fraud and conspiracy to commit financial fraud. The decision was made by U.S. District Judge Lewis Kaplan who claimed that much of the evidence relevant to the additional charges was already presented during Bankman-Fried’s initial trial. In that month-long trial, which featured the

2 minutes

carlp • Nov 22, 2023, 2:33 pm EST

Binance CEO Changpeng Zhao (CZ) to Plead Guilty in Landmark Settlement

In what stands as the largest industry charge to date, Changpeng Zhao (‘CZ’), founder and CEO of Binance, the world’s largest cryptocurrency exchange, is set to plead guilty to U.S. anti-money laundering law violations. This move, confirmed following previous leaks, highlights the extraordinary power of the US banking system. Zhao established Binance in 2017, and the platform quickly became a dominant force in the global cryptocurrency market. However, its prominence has attracted considerable attention from regulatory bodies. The U.S. Commodity Futures Trading Commission (CFTC) has criticized Binance for not implementing sufficient measures to prevent money laundering and terrorist financing. Additionally,

3 minutes

carlp • Nov 21, 2023, 10:40 am EST

Binance’s Potential $4 Billion Settlement with DOJ

In a pivotal development for the cryptocurrency industry, Binance, the globally dominant crypto exchange, is reportedly in talks to settle a comprehensive investigation by the US Justice Department. A $4 billion settlement is on the table to conclude the inquiry that has probed allegations of various financial crimes. Sources close to the matter indicate that the Justice Department’s investigation has centered on accusations of money laundering, bank fraud, and violations of sanctions laws. This potential agreement, involving a hefty financial penalty, would enable Binance to maintain its operations stateside, mitigating broader market upheaval and protecting the interests of numerous cryptocurrency

2 minutes

satoshin • Nov 21, 2023, 10:20 am EST

Kraken Faces SEC Lawsuit in Ongoing Regulatory Scrutiny of Crypto Exchanges

In a move signaling intensified regulatory oversight in the cryptocurrency arena, the Securities and Exchange Commission (SEC) has launched a lawsuit against Kraken, a well-known digital currency exchange. The suit alleges that Kraken operated as an unregistered securities business, marking the latest in a series of SEC actions targeting crypto trading platforms. The charges against San Francisco-based Kraken underscore the growing regulatory scrutiny of the cryptocurrency industry. This action adds to the SEC’s recent crackdowns, including lawsuits against Binance, the largest global crypto exchange, and Coinbase, a significant US competitor. This is not the first time Kraken has faced regulatory

3 minutes