Crypto Publisher

2023-10-06 09:30:27 Kraken Acquires BCM To Expand In Europe With New MiCA Law

Crypto exchange Kraken is set to expand its presence in Europe through the acquisition of Dutch cryptocurrency broker Coin Meester BV (BCM). Founded in 2017, BCM is a registered cryptocurrency broker in the Netherlands. Kraken acquires BCM underscores the exchange’s dedication to growing its European business and capitalizing on its robust financial position and competitive product offerings. The acquisition is pending customary closing conditions and regulatory approvals.

Kraken acquires BCM to solidify its foothold in the Netherlands and extend its suite of services to BCM’s clients. This includes access to its extensive product offerings, exceptional liquidity, high-security standards, and round-the-clock client support. The decision to ramp up its European expansion aligns with the European Commission’s establishment of the Markets in Crypto-Assets (MiCA) regulatory framework. This framework encourages industry players to invest confidently in the region and offer consumers more competitive products and services. The exchange is committed to growing its business in compliance with European regulations and is actively pursuing registrations in various European markets, in addition to its existing VASP registrations in Ireland, Italy, and Spain.

Source

Join @Crypto_Publisher
Contact us @Crypto_Marcus Open / Comment

2023-10-05 12:06:32 Another Polygon co-founder steps away from duties

Polygon co-founder Jaynti Kanani has decided to step away from his full-time duties helping to lead the company he helped start in 2017. "After kickstarting Polygon in 2017, around 6 months back, I decided to step back from the day-to-day grind," he posted on X to make the announcement. "I'll be focusing on new adventures while still cheering and contributing to Polygon from the sidelines." Polygon saw another co-founder make a professional pivot earlier this year when Anurag Arjun departed the company to spin off the modular blockchain project Avail.

Polygon saw another co-founder make a professional pivot earlier this year when Anurag Arjun departed the company to spin off the modular blockchain project Avail. In total, Polygon and its projects have a total of 10 co-founders, according to its website. Kanani said he is "bullish" on Polygon 2.o. Last month, the Ethereum scaling project officially proposed changes for the upgrade after first introducing it in June. Polygon 2.0 aims to establish a comprehensive network of interconnected Layer 2 chains, driven by zero-knowledge proofs. The decision follows the March announcement that fellow Polygon co-founder Anurag Arjun was departing the company and spinning off the modular blockchain project Avail.

Source

Join @Crypto_Publisher
Contact us @Crypto_Marcus Open / Comment

2023-10-04 11:22:29 Sam Bankman-Fried's Defense Asks for Clarity on Charity, Bankruptcy Arguments

Sam Bankman-Fried's defense team wants clarity from the U.S. judge overseeing the FTX founder's case regarding certain arguments the lawyers can bring up during trial. The defense wants clarity about whether it can argue that FTX, a big crypto exchange that collapsed last year, was not regulated in the U.S., though FTX.US did follow applicable rules, according to a Monday filing. Other questions include whether Bankman-Fried would be able to discuss the possibility that FTX creditors.

The defense also seemed concerned about the Department of Justice's plan to "admit evidence concerning the alleged illegal campaign finance scheme." Judge Lewis Kaplan ruled in favor of the DOJ earlier this month when he granted prosecutors' motions to block Bankman-Fried from making certain arguments at trial. In the ruling he said that the defense did not object to those DOJ motions – statements the defense is now disputing. Bankman-Fried's objections to the DOJ's motions either contained arguments or details in footnotes that clarified his position, the Monday filing said. Parts of the filing ask for clarity about the scope of the judge's ruling on the extent the defense could make its arguments.

Source

Join @Crypto_Publisher
Contact us @Crypto_Marcus Open / Comment

2023-10-02 22:55:53 FTX's Bankman-Fried Cannot Blame Lawyers in Opening Statement: Judge

Sam Bankman-Fried cannot blame FTX's lawyers for its collapse or operations in his opening statements, though he can still try and make a so-called "advice-of-counsel" defense later, the federal judge overseeing his case ruled Sunday. Bankman-Fried's defense team told the Department of Justice and the court earlier this year that he intended to argue that FTX counsel "were involved" in certain decisions that the company made. But this argument, without specifics, may confuse or prejudice a jury.

The defense team announced in August that Bankman-Fried planned to argue that both in-house FTX attorneys and lawyers with the firm Fenwick & West were involved in decisions to use auto-deleting messaging services like Signal, creating the "North Dimension" entities, FTX entities' banking relationship with Silvergate Bank, loans to FTX and Alameda Research executives, intercompany agreements and FTX's terms of service. The DOJ argued that Bankman-Fried's defense team had not provided enough detail on its argument, and should be blocked from making it. "Whether and to what extent the defendant should be permitted to argue or adduce evidence regarding the presence or involvement of lawyers will depend on the circumstances.

Source

Join @Crypto_Publisher
Contact us @Crypto_Marcus Open / Comment

2023-10-01 11:06:39 Millions in Ether Tied to FTX 'Hacker' on The Move

Around 2,500 ether (ETH), worth just over $4 million, tied to last year’s apparent exploit of the FTX exchange started moving early Saturday, blockchain data shows. Ether held in a wallet associated with the FTX accounts drainer began moving for the first time in nearly a year. The funds were split into two, and then a few times in subsequent transactions, with 700 ETH transferred using the Thorchain Router, about 1,200 ETH being moved through the Railgun privacy tool. Another 550 ETH is sitting in an intermediate wallet.

Railgun is a privacy wallet that lets users store tokens and use funds for decentralized financial services, such as lending and borrowing. These transactions are shielded, meaning the exact use of such funds is not known. On the other hand, Thorchain is a bridge that lets users swap tokens between different blockchains. Accounts tied to FTX and FTX US were drained on Nov. 11, 2022, mere hours after the company filed for bankruptcy and founder Sam Bankman-Fried resigned from the crypto empire he ran. The attacker took over $600 million worth of ether at the time. In a since-deleted tweet, the then FTX general counsel Ryne Miller said the exchange was taking “precautionary steps” to secure funds from other FTX wallets. John J. Ray III, the CEO and Chief Restructuring Officer of the FTX Debtors.

Source

Join @Crypto_Publisher
Contact us @Crypto_Marcus Open / Comment

2023-09-29 09:07:25 SEC Chair Gary Gensler Warned About Subpoena For Avoiding Transparency About FTX

US Congressman Patrick McHenry has raised concerns over the transparency of the Securities and Exchange Commission (SEC) and its Chair, Gary Gensler, regarding their interactions with prominent cryptocurrency exchange FTX and its founder, Sam Bankman-Fried. However, out of approximately 10,000 crypto tokens in existence, fewer than 10 have complied with this requirement, leading to concerns about unregulated crypto products.

Moreover, major cryptocurrency exchanges, including FTX, have not registered with the SEC, and the regulatory agency has refrained from taking legal action to enforce such registration. This lack of enforcement has allowed countless crypto entrepreneurs to promote their products without disclosing crucial information, such as associated risks and the identities of those involved. SEC Chair Gary Gensler drew attention to potential parallels between Binance and FTX, specifically their alleged use of affiliated entities for fund transfers. Gensler highlighted FTX’s alleged involvement in fraudulent activities and market manipulation through its sister firm, Alameda Research, led by Sam Bankman-Fried.Congressman McHenry criticized Gensler’s response to these concerns.

Source

Join @Crypto_Publisher
Contact us @Crypto_Marcus Open / Comment

2023-09-28 08:51:22 Sui Network’s TVL Growth Is Incredible In Just 2 Months

In a remarkable feat, Sui Network has witnessed its Total Value Locked (TVL) doubling in just two months, surging from approximately $15.3 million to an impressive $31 million. This surge reflects the network’s robust capabilities, boasting top-tier security, consistently low gas fees, and remarkable throughput, positioning it as a frontrunner in the burgeoning DeFi ecosystem. Over the past 90 days, the Sui Network’s TVL has surged by over 30%, underscoring Sui’s growing influence.

Sui Network distinguishes itself as a smart contract platform managed by a consortium of validators, aligning with traditional blockchain systems in function. An exceptional feature of this platform is its capacity to process the majority of transactions in parallel, ensuring scalability and minimal latency for uncomplicated transactions like payments and asset transfers. Another noteworthy advantage offered by the Sui Network lies in its gas fee management. The network provides stable gas fees per epoch, each lasting 24 hours and overseen by the Validators council. This departure from minute-to-minute fluctuations ensures price stability within daily cycles. The crypto’s price broke through the formidable $0.6 support level and found a new foothold near $0.47.

Source

Join @Crypto_Publisher
Contact us @Crypto_Marcus Open / Comment

2023-09-27 08:59:35 Binance Belgium Registration Now Active Again After Suspension

Cryptocurrency exchange giant Binance has announced the reopening of registration and access for users in Belgium, following a prior suspension of services ordered by the Financial Services and Markets Authority (FSMA) in June. This move came after Binance established a Polish entity in late August, designed to cater to clients in Belgium, in compliance with regulatory requirements. The new entity enables Binance to fulfill its regulatory obligations and continue offering services to Belgian users.

Binance, founded by Changpeng Zhao in 2017, is renowned as the world’s largest cryptocurrency exchange. However, its rapid growth has brought it under the scrutiny of regulators worldwide, particularly concerning concerns related to money laundering. Additionally, Binance has voiced apprehensions about the potential delisting of stablecoins in Europe, in response to the upcoming implementation of the Markets in Crypto-Assets (MiCA) regulation by the European Union. In a statement, Changpeng Zhao emphasized Binance’s commitment to regulatory compliance and its active collaboration with stablecoin issuers to ensure alignment with MiCA requirements.Binance navigates evolving regulations and continues its expansion, it remains a central player in the cryptocurrency industry.

Source

Join @Crypto_Publisher
Contact us @Crypto_Marcus Open / Comment

2023-09-25 09:11:28 FBI Wanted Co-Founder of Crypto Exchange Wex Sentenced in Russia

Aleksey Bilyuchenko, co-founder of Wex, the successor of the infamous Russian crypto exchange BTC-e, will spend only a couple of years in prison. The Russian, who is charged in the U.S. with money laundering, has been sentenced in his homeland as the only defendant in a case over the collapse of Wex which brought heavy losses to its customers. Russian crypto news outlet Bits.media reported, quoting a Telegram post by journalist and blogger Irek Murtazin.

The mild sentence comes after Aleksey Bilyuchenko, who has been accused in Russia of embezzling several billion rubles in customer funds, sought leniency from Russian President Vladimir Putin while the state prosecutor asked for a less severe punishment which was then reduced even further by the judge. BTC-e, believed to have been used by cybercriminals to store, transfer and launder billions of U.S. dollars in illicit proceeds, was shut down by Western law enforcement in July 2017. Wex which was founded after that, went offline in 2018, causing customers to lose up to 16 billion rubles (over $167 million today), according to one estimate.

Source

Join @Crypto_Publisher
Contact us @Crypto_Marcus Open / Comment

2023-09-24 21:37:22 Ethereum core developers discuss if Dencun upgrade may be deployed early next year

Ethereum’s next anticipated upgrade, referred to as Deneb-Cancun or “Dencun,” might potentially face a delay to early next year, as discussed by core developers. The upgrade aims to address scalability issues within the Ethereum ecosystem by implementing an improvement proposal named EIP-4844. The launch plan for Dencun was discussed in yesterday’s Ethereum consensus-layer meeting.

Tim Beiko from the Ethereum Foundation, who chaired the meeting, expressed concerns about a potential delay in Dencun's deployment on the mainnet. His concerns stemmed from the fact that the upgrade has not yet been introduced on public testnets such as Goerli, Sepolia, and Holesky. He further pointed out that if the developer team doesn’t introduce Dencun on a public testnet before Devconnect, an Ethereum-centric developer conference slated for November 2023, the mainnet activation of Dencun might not occur this year — which would be a departure from earlier projections.

Source

Join @Crypto_Publisher
Contact us @Crypto_Marcus Open / Comment