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Category: Broker

July 23, 2024

Administrator of Bankrupt Crypto Scheme BlockFi Submits Plan in Court to Make Customers Whole!

The administrator of the bankrupt U.S. crypto lender BlockFi has submitted a comprehensive plan to the U.S. Bankruptcy Court for the District of New Jersey, seeking approval for a final distribution aimed at making customers and unsecured creditors whole. This move marks a significant step towards concluding the wind-down process that began after BlockFi filed for Chapter 11 bankruptcy in November 2022.

Crypto
IPO

July 3, 2024

Genesis Digital Assets Weighs IPO, Signaling Continued Bull Cycle in Crypto Market

Rumors are swirling around Genesis Digital Assets' (GDA) potential Initial Public Offering (IPO). GDA is a prominent US bitcoin mining firm, which once was financially backed by the collapsed Alameda Research of former convicted crypto mogul Sam Bankman-Fried. According to a Bloomberg report, GDA is exploring options for a U.S. IPO, underscoring the ongoing bullish sentiment in the crypto market.

Crypto

June 30, 2024

Red-listed Bybit Surpasses Coinbase in Market Share Following Binance’s Regulatory Troubles!

In a shift within the crypto exchange landscape, Bybit has emerged as the world's second-largest cryptocurrency exchange, overtaking Coinbase. This change comes amid a backdrop of regulatory challenges faced by Binance, the leading exchange by trading volume. The Chinese national Ben Zhou is the key figure behind Bybit's rapid growth, having founded the cryptocurrency exchange in 2018.

May 24, 2024

Crypto Exchange Coinbase Loses Supreme Court Dispute Over Dogecoin Sweepstakes!

The US Supreme Court has ruled against the leading U.S. crypto exchange Coinbase in a high-profile dispute involving a 2021 Dogecoin sweepstakes, dismissing the crypto exchange’s concerns that a ruling against it would lead to legal chaos. In a unanimous decision delivered by Justice Ketanji Brown Jackson on Thursday, the court declared that a court, not an arbitrator, should determine the appropriate venue for resolving the dispute.

May 11, 2024

SEC Halts NYSE Listing of Crypto Firm Exodus Movement!

In early May 2024, Exodus Movement, Inc., known for developing the Exodus Wallet for Bitcoin, said it received approval to list its common stock on the New York Stock Exchange. JP Richardson, CEO and co-founder of Exodus, announced that the U.S. Securities and Exchange Commission (SEC) had qualified the company's stock, allowing it to trade on NYSE American, the former American Stock Exchange (AMEX).

May 7, 2024

Robinhood Crypto Faces Potential SEC Enforcement Over Cryptocurrency Operations

Robinhood, the U.S. fintech renowned for pioneering commission-free stock trading, is currently under scrutiny from the U.S. Securities and Exchange Commission (SEC) for its crypto business, Bloomberg reports. In a Wells Notice, the U.S. regulator informed Robinhood that it faces enforcement action over its crypto business — the latest sign that the SEC isn’t letting up on its years-long crackdown on digital assets.

May 5, 2024

Kraken’s CF Benchmarks Emerges as a Major Player in the Global Bitcoin ETF Market

CF Benchmarks, the digital assets index provider of the prominent U.S. crypto exchange Kraken, has positioned itself as a significant player in the burgeoning market for spot-Bitcoin exchange-traded funds (ETFs). This year has seen a notable surge in Bitcoin ETF activity, beginning with launches in the United States in January and expanding to Hong Kong recently, Bloomberg reports.

May 5, 2024

Bitpanda Pro Appoints Former JPMorgan Executive to Spearhead European Expansion

The Austrian crypto unicorn Bitpanda has appointed Joshua Barraclough, a former JPMorgan executive, as the new CEO of its digital assets exchange, Bitpanda Pro. The announcement marks an important step in the crypto exchange's aim to enhance its offerings for experienced traders and institutional clients. Barraclough brings a wealth of experience from his tenure as co-head of digital innovation at JPMorgan in London.

May 3, 2024

Coinbase Surpasses Revenue Expectations in Q1 Following Bitcoin Price Surge!

In a recent financial disclosure, Coinbase, the largest crypto exchange in the U.S., reported a significant revenue beat for the first quarter, surpassing analyst expectations. The company announced revenue figures reaching $1.64 billion, well ahead of the anticipated $1.34 billion. This increase comes amid a robust rally in Bitcoin, which substantially boosted the company’s profitability.

April 28, 2024

Coinbase’s Legal Battle with SEC Represents 52 Million U.S. Crypto Traders, Says its CLO Paul Grewal!

Coinbase, the leading U.S. crypto exchange, is embroiled in a significant legal battle with the U.S. Securities and Exchange Commission (SEC). According to Coinbase's Chief Legal Officer (CLO) Paul Grewal, this dispute represents not just a legal challenge but a pivotal moment for the 52 million Americans who own crypto Among other things, the SEC accuses Coinbase of enabling trading in security tokens on its platform without proper registration.

April 26, 2024

Against SEC Crypto Power Grap: MetaMask Developer Consensys Files Complaint Against SEC And Its Chair!

In the U.S., Consensys Software, the blockchain and web3 company behind the well-known MetaMask Wallet, has initiated a legal battle against the U.S. Securities and Exchange Commission (SEC), challenging the agency's approach to Ethereum. The lawsuit questions the SEC’s authority to classify ether as a security. Under its Chair, Gary Gensler, the SEC applied a "regulation by enforcement" approach and continues to insist on the decade-old Howey Test.

Crypto

April 15, 2024

Bitpanda and LBBW Forge Partnership to Enhance Crypto Solutions for Corporate Clients

The regulated Austrian crypto exchange operator and custodian Bitpanda announced that it has entered into a strategic partnership with Landesbank Baden-Württemberg (LBBW), the largest state-backed bank in Germany, to deliver advanced cryptocurrency solutions for corporate clients. This collaboration utilizes Bitpanda's "Investment-as-a-Service" (IaaS) infrastructure, aiming to provide secure cryptocurrency custody and procurement services.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.