Kraken | FinTelegram News

Tag: Kraken

August 28, 2024

SEC Lawsuit Against Kraken Moves Forward Amid Continued Regulatory Crackdown in the U.S.

While the EU has created a comprehensive regulatory framework for the crypto sector with MiCA, the U.S. SEC operates on the basis of a decades-old framework designed for legacy securities, with a “regulation by enforcement” approach, as in the case of Kraken. The SEC's lawsuit against Kraken for operating as an unregistered securities exchange will proceed to trial, intensifying the legal challenges facing major crypto platforms in the U.S.

August 15, 2024

Hype Attention: Crypto Sponsorships Surge as Bull Market Signals Possible Peak!

In a move reminiscent of the last crypto bull market 2020/2021, Crypto.com has signed a high-profile sponsorship deal with UEFA, the governing body of European football. This partnership, which will see Crypto.com prominently featured in UEFA events, mirrors similar recent deals by major crypto platforms, suggesting that the market may be approaching another peak. Crypto investors should be alerted.

July 1, 2024

Crypto Compliance: Major Setback for Binance as Judge Allows SEC Lawsuit to Move Forward!

In one of the most prominent crypto court cases, SEC v. Binance, the federal judge Amy Berman has ruled that a substantial part of the SEC's lawsuit against the embattled crypto exchange can proceed. This ruling represents a notable setback for Binance, which had sought to have the case dismissed. The SEC's lawsuit, filed in June 2023, accuses Binance and its former CEO, Changpeng Zhao, of multiple violations of securities laws.

Crypto Compliance

June 20, 2024

FinTelegram Report: Kraken Accuses Security Researchers of Extortion Over $3M Bug Exploit!

The U.S. crypto exchange Kraken is embroiled in a controversy after alleging that "security researchers" exploited a platform vulnerability to withdraw nearly $3 million from its treasury and subsequently turned to extortion. Nick Percoco, Kraken's Chief Security Officer, disclosed via social media platform X that a bug enabled a malicious attacker to initiate a deposit and receive funds without completing the deposit process.

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.

April 26, 2024

Attention: FBI Issues Warning on Unregistered Crypto Money Transmitting Services!

High-risk segment merchants increasingly use crypto payment processors to process payments. On Thursday, the U.S. Federal Bureau of Investigation (FBI) cautioned Americans about the risks of using crypto services from companies not registered as Money Services Businesses (MSBs) under federal law. This warning highlights a crucial aspect of the regulatory framework governing financial transactions in crypto.

April 23, 2024

Resignations at The U.S. SEC Increases Pressure on Controversial Chair Gary Gensler!

The U.S. regulator, the Securities and Exchange Commission (SEC), is in difficult waters. Most recently, Chair Gary Gensler publicly expressed his confidence in the regulator on X. However, this comment has caused even more unrest and fueled speculation about Gensler's resignation. Most recently, the two SEC lawyers, Michael Welsh and Joseph Watkins, have resigned following a district court's severe reprimand of the agency for "gross abuse" of power.

April 22, 2024

He is Not a Martyr But a Criminal: The Upcoming Sentencing of Former Binance CEO Marks a Pivotal Moment for the Crypto Industry!

The upcoming sentencing of Changpeng Zhao (CZ), the former CEO and founder of crypto exchange Binance, casts a shadow over the crypto industry and highlights significant regulatory and ethical challenges. CZ pleaded guilty to violating U.S. financial laws and facilitating activities related to scams and terror organizations and is awaiting his sentence set for April 30. It remains hoped that the judge will find a just sentence that corresponds to CZ's misconduct. He is not a martyr.

Crypto Schemes

March 2, 2024

Nigeria Hits Binance with a $10 Billion Demand Amid Forex Manipulation Claims

The Nigerian government has leveled a staggering $10 billion demand against crypto giant Binance, accusing the firm of engaging in currency speculation and rate-fixing activities that contributed to the naira's dramatic depreciation. Over recent months, the Nigerian currency has plummeted by nearly 70% in value, a situation the government attributes to manipulative financial practices.

March 1, 2024

U.S. Government Cashes in $922 Million in Seized Bitcoin Amid Price Surge

In a striking demonstration of timing, the United States government executed a massive transfer of $922 million worth of Bitcoin, coinciding with the crypto's milestone breach of the $60,000 threshold for the first time in two years. This significant move involved funds previously confiscated from the Bitfinex exchange hack in 2016, marking a pivotal moment in the government's handling of seized digital assets.

FinTelegram

February 29, 2024

Binance Under Fire: Global Regulatory Crackdown Hits Hard in Nigeria

In a bold move that has sent shockwaves through the crypto world, Nigeria has escalated its crackdown on digital currency exchanges, singling out Binance, the globe-trotting crypto behemoth, in an audacious bid to curb naira speculation. The African giant's latest actions include detaining two of Binance's top brass and confiscating their passports, a dramatic escalation in the state's war on crypto, the Financial Times reports.

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.