Apple wins antitrust suit over Venmo, Cash App fees after judge tosses case
The judge said the case would be dismissed “with prejudice” barring any last-minute amendments.
The judge said the case would be dismissed “with prejudice” barring any last-minute amendments.
More than 500 days after FTX filed for bankruptcy, the world will soon learn whether former CEO Sam Bankman-Fried remains in prison for decades or receives a lenient sentence.
Staking rewards could create a taxable event for shareholders and introduce new risks associated with the fund.
Coinbase’s motion to drop the SEC’s case against the exchange was denied in court, allowing the regulator to proceed with its lawsuit.
Lawyers for FTX say that customer claims for four SBF-linked cryptocurrencies: MAPS, OXY, SERUM, and BOBA should be heavily discounted or reduced to zero.
Research by WuBlockchain in 2022 pointed toward a principal risk for KuCoin as its main user traffic source is the United States. The cryptocurrency exchange has not even banned American IP addresses, unlike many other offshore exchanges. According to data from Similarweb, while the largest source of traffic for exchanges like Binance, OKEx, and Huobi is Russia, KuCoin's largest demographic is US users. OKEx's second-largest and Deribit's largest traffic source also comes from China.
According to the United States Attorney's Office: Cryptocurrency exchange KuCoin and its founders, Chun Gan and Ke Tang, have been indicted for allegedly operating an unlicensed money transmitting business and violating the Bank Secrecy Act. KuCoin is accused of failing to maintain an adequate anti-money laundering (AML) program, neglecting to verify customer identities, and not filing any suspicious activity reports as required by law. As unveiled by U.S. Attorney Damian Williams, KuCoin is alleged to have deliberately concealed a large number of U.S. users trading on the platform. It further took advantage of its extensive U.S. customer base to become a leading cryptocurrency exchange with a daily trading volume in billions of dollars. The indictment alleges that KuCoin knowingly neglected its obligation to implement an adequate know-your-customer (KYC) program. It only adopted a KYC process for new customers in July 2023 after being notified of a federal criminal investigation into its activities. According to the charges, KuCoin and its founders tried to mask the existence of U.S. customers to evade U.S. AML and KYC requirements. The indictment also alleges that KuCoin received over $5 billion and sent over $4 billion of suspicious and criminal funds since its founding in 2017. If found guilty, both Gan and Tang face a maximum sentence of five years in prison for each of the two counts charged. The three entities under KuCoin's umbrella could face up to 25 years in prison for the combined charges.
According to Foresight News, Portugal's data protection authority, CNPD, has ordered Sam Altman's iris scanning project, Worldcoin, to stop collecting biometric data for 90 days. CNPD stated that citizens' data protection rights are at high risk, and there is reason to take emergency intervention measures to prevent serious harm. CNPD also mentioned that over 300,000 people in Portugal have provided biometric data to Worldcoin. Worldcoin said that the company began transitioning to 'individual custody' in March, which will enable users to control their own data, including deletion and any future use.
According to Foresight News, Turkish investment bank Misyon is partnering with Swiss crypto custody provider Taurus to enter the digital asset custody and tokenization sector. Misyon will deploy several solutions developed by Taurus, including the custody platform Taurus Protect, tokenization tool Taurus Capital, and blockchain node infrastructure Taurus Explorer. This collaboration aims to expand the digital asset services offered by both companies and strengthen their presence in the growing cryptocurrency market. The partnership will enable Misyon to provide secure and reliable custody services for digital assets, as well as tokenization solutions for various industries.
Binance is set to enhance crypto compliance and interoperability with traditional legal and financial systems through its recent partnership with the Global Travel Rule (GTR) Alliance. This alliance merges virtual-asset service providers using the same solution to comply with critical international anti-money-laundering rules. Joining the GTR Alliance means greater levels of data security and regulatory compliance for Binance, aligning with the Financial Action Task Force’s (FATF) Recommendation 16, also known as the Travel Rule. This reporting requirement is already enforced in various countries and is predicted to become a universal standard in the coming years. Binance recognizes the importance of a regulated environment in dispelling negative perceptions about crypto, protecting users, and encouraging broader adoption of crypto assets. Their collaboration with GTR ensures user data remains safe and private. The GTR creates a secure platform for companies to navigate FATF Travel Rule requirements by offering a global solution, secure encrypted channels, and a seamless one-time integration, therefore promoting interoperability and standardized compliance in the digital-asset space. In terms of data security, GTR provides VASPs with control over their decryption keys while applying Keccak256 encryption to all Personal Identifiable Information (PII), transforming sensitive user data into unique identifiers. The platform eliminates plaintext PII storage and uses mutual transport layer security (mTLS) technology for transmission, which enhances the security framework. By joining GTR, Binance can collaborate with other compliance-focused industry leaders like CODE, Sygna, and Sumsub. This move aims to enhance trust within the crypto ecosystem and tackle collective compliance needs.