Author: Dren.H

Binance CEO Changpeng “CZ” Zhao disputes Bloomberg’s rich list, claiming his net worth is significantly lower than the reported $28.2 billion. Binance’s CEO, Changpeng Zhao, popularly known as CZ, disputes the validity of the recent Bloomberg finance rich list that places him among the top three finance billionaires across the globe. The list asserts that CZ is worth stands at approximately $28.2 billion. However, CZ maintains that his actual wealth is considerably less than the reported amount. In a Twitter post on April 27, he stressed that the information provided by Bloomberg’s rich list is incorrect and indicated that his…

The World Economic Forum (WEF) featured Crusoe Energy Systems’ eco-friendly Bitcoin mining methods in a video, without mentioning “Bitcoin.” A recent World Economic Forum (WEF) promotional video has captured attention by focusing on Crusoe Energy Systems’ green approach to Bitcoin mining, without explicitly mentioning the cryptocurrency. The video, published on April 20, presents various scenes displaying rows of equipment resembling Bitcoin mining rigs. Although the environmentally friendly operations of the Colorado-based Bitcoin mining firm were emphasized, the video did not directly address the fact that it was mining the digital currency. Various personalities from the crypto industry took note of…

The Bank of Korea gains authority to scrutinize domestic crypto firms, accessing transaction data amid ongoing virtual asset regulatory discussions. The Bank of Korea (BoK) recently got the authority to scrutinize domestic cryptocurrency service providers and issuers more closely. This news, covered by The Korea Herald on April 20, highlights the central bank’s growing role in overseeing digital currency enterprises as South Korea continues to debate regulations surrounding virtual assets. In the past, the Bank of Korea and South Korea’s primary financial regulator, the Financial Services Commission (FSC), have had disagreements over jurisdiction in the crypto industry. With the BoK…

The US Treasury proposes tighter nonbank regulations to enhance financial stability in response to the recent banking crisis. The US Treasury, under the leadership of Secretary Janet L. Yellen, has recognized the need for a stronger supervisory and regulatory framework in the wake of the recent banking crisis. As a result, the Treasury has proposed tighter regulations for nonbank financial institutions to bolster financial stability and prevent future disruptions. Yellen previously discussed the potential of a digital dollar, as well as the emerging competition from China in the economic aspect. In response to the failure of two regional banks, the…

The Biden administration restricts Communications Director Ben LaBolt’s involvement with former crypto clients while allowing him to advise on crypto regulations. New information indicates that the Biden administration is imposing restrictions on Communications Director Ben LaBolt’s involvement with matters related to his previous crypto and technology clients. These limitations follow the recent release of a public financial disclosure report, which highlighted LaBolt’s past connections to major players in the crypto and tech sectors, such as decentralized exchange Uniswap and venture capital powerhouse Andressen Horowitz. Although the White House is implementing these constraints, LaBolt will still be permitted to provide guidance…

Sam Bankman-Fried’s (SBF) lawyers struggle to install monitoring software on his parents’ phones, hindering compliance with bail conditions. In a recent development, Sam Bankman-Fried’s legal representatives have requested a third extension on implementing his updated bail conditions. The former FTX CEO’s legal team is struggling to install monitoring software on his parents’ cell phones, which must snap a photo of the user every five minutes. The Southern District of New York received a court filing from attorneys Mark Cohen and Christian Everdell on April 19, stating that they had managed to enforce all other conditions outlined in the Order, except…

Terraform Labs co-founder Do Kwon challenges SEC fraud allegations, seeking lawsuit dismissal amid ongoing extradition uncertainty. Attorneys representing Terraform Labs co-founder Do Kwon have presented a strong case in court to refute the allegations made by the United States Securities and Exchange Commission (SEC). The SEC alleges that Kwon deceived U.S. investors by illegally offering unregistered securities. A Bloomberg report on April 21 revealed that Kwon’s attorneys requested the judge to dismiss the SEC lawsuit, stating that the regulator’s claims lack merit. They emphasized that U.S. law does not allow regulators to use federal securities law to assert jurisdiction over…

The European Parliament approves MiCA legislation, aiming to standardize crypto-asset regulations, enhance investor protection, and promote market integrity across the EU. The European Parliament has given the go-ahead to groundbreaking legislation focused on tracing crypto-asset transfers within the European Union. This move aims to create a standardized legal framework for the crypto-assets market in the region, strengthen consumer protection, and set up safeguards to prevent market manipulation and financial crime. Crypto-Asset Transfers Monitoring MEPs have shown their support for the first-of-its-kind EU legislation that targets tracing transfers of crypto-assets, such as Bitcoin and digital assets. The goal is to make…

Coinbase secures Bermuda license, plans to launch offshore derivatives exchange, leveraging regulatory clarity and favorable tax laws. Cryptocurrency exchange Coinbase, based in the United States, has recently been granted a license to operate in Bermuda, with intentions to rapidly establish a derivatives exchange on the island. Moreover, according to reports, the offshore exchange may be operational as early as next week, marking a significant achievement for the organization. On April 19, Coinbase revealed in a blog post that the Bermuda Monetary Authority, the country’s financial regulatory body, had issued a regulatory license to the company. The license, classified as a…

Brazilian authorities investigate Binance for allegedly helping clients bypass a stop order on cryptocurrency derivatives. The cryptocurrency exchange Binance finds itself under investigation by Brazil’s Federal Prosecutor’s Office and Federal Police, following a report from Valor Econômico, a local newspaper. The report claims that Binance has been assisting its clients in evading a stop order on cryptocurrency derivatives investments imposed by the Brazilian Securities and Exchange Commission (SEC). In 2020, the Brazilian SEC issued a stop order on Binance’s offerings of cryptocurrency derivatives due to their classification as securities under Brazilian law, regardless of the underlying assets. Despite this order,…