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Crypto Exchange Regulation Check

Fintoch securities fraud warning from Singapore

Fintoch has received a securities fraud warning from Singapore. The Monetary Authority of Singapore added Fintoch to its Investor Alert List on May 4th. MAS cites Fintoch‘s website domains as “fintoch.com” and “fintochonline.com”. The first website is Fintoch’s official website. The second website belongs to Fintoch promoter Shaikh Noorul Amin.　　The Investor Alert List provides a list of persons who, based on information available to MAS,　　i) may be or may have been wrongly perceived as being licensed or in any other way authorised or regulated by MAS;　　ii) have made an offer of units in a business trust or collective investment scheme which may be or may have been wrongly perceived as being authorised, recognised or registered by MAS;　　iii) have made an offer of investment which may be or may have been wrongly perceived as being made in or accompanied by a document lodged or registered with MAS. As a passive returns investment scheme, points two and three apply to Fintoch. Fintoch is not registered to offer securities in any jurisdiction. The company commits securities fraud and operates illegally the world over.　　The reason for this is Fintoch is a Ponzi scheme. Fronted by US actor Mike Provenzano, playing Fintoch CEO “Bobby Joe

2023-05-26Deep Dive

Negotiations Show Positive Signs

Bitcoin (BTC) recorded a slight recovery towards the $26,500 level following positive announcements from debt ceiling negotiations.　　24h BTC price chart. Source: CoinMarketCap　　On May 25, local time, White House Press Secretary Karina Jean-Pierre said in a briefing that day that White House negotiators had had productive discussions with the teams House Speaker McCarthy on the debt ceiling issue.　　Mr. Pierre said partisan views on budget priorities remained divided, but representatives from both sides understood that an agreement would need a plan that would work for both sides.　　While the White House and US Congress say “progress” for a while and “no deal” for a while, the US Treasury Department has begun preparations for the eventual triggering of the debt ceiling.　　US Treasury officials are notifying various departments about possible changes to the payment process when the debt ceiling is activated and possible responses, according to the reports of people familiar with the matter.　　Additionally, as reported by Golden Ten, the US Treasury Departments cash balance has fallen below US$50 billion and may be empty as early as next month. US House of Representatives Speaker McCarthy said the negotiators would stay on Capitol Hill and continue working over the weekend.　　As investors watch the ongoing debt ceiling

2023-05-26Deep Dive

90% Of Chinese Firms Accept Bitcoin And USDT Payments To Supply Fentanyl

Elliptic researchers received offers from over 90 China-based companies to supply fentanyl precursors, 90% of which accepted cryptocurrency payments. Most are Bitcoin and USDT.　　Recent research has found that cryptocurrency payments facilitate the illegal trade of fentanyl precursors in China. Elliptics blockchain analysis tools have identified over 90 Chinese chemical companies that accept cryptocurrency payments, with Bitcoin being the most popular, followed by Tether. Payments have increased by 450% year-on-year, and wallets have received over $27 million.　　Fentanyl is a synthetic opioid used for pain relief, but its also highly addictive and dangerous, with a high potential for overdose. Fentanyl precursors, which are chemicals used to make fentanyl, are often sold by illegal traders to drug cartels for the production of this illicit drug. The fentanyl trade is extremely profitable for these cartels but also extremely dangerous for those who consume it.　　Therefore, it‘s crucial to disrupt the trade of fentanyl precursors for crypto. This can be done by services that act as gateways into and out of crypto assets. Most crypto exchanges comply with anti-money laundering regulations and sanctions and use blockchain monitoring systems, such as those provided by Elliptic, to ensure they don’t facilitate illicit activity.　　Elliptic has notified the exchanges used

2023-05-25Deep Dive

Japan Effectively Prevents Crypto Anti-Money Laundering In June: Report

According to local news site Kyodo News, Japan is due to introduce tighter anti-money laundering measures, including the Financial Action Task Forces (FATF) so-called “travel rule,” on June 1.　　The decision was announced by Japans cabinet on Tuesday, after the global financial crime watchdog FATF found the countrys anti-money laundering measures inadequate.　　According to the research, oversight groups have increased their surveillance of crypto assets that might be used to launder money, a practice in which money earned from unlawful acts is made to seem legitimate by processing it via legal transactions.　　The FATF suggested the travel rule in 2019 to prevent money laundering and terrorism funding using cryptocurrency. By June 2022, the FATF was pressing member countries to pass travel rules “as quickly as feasible.”　　The regulation mandates a financial institution conducting a crypto asset transfer to pass on customer information to the next institution, including the sender and recipients names and addresses.　　Stablecoins, or cryptocurrencies tied to a currency such as the US dollar or a commodity, are among the crypto assets sought. If offenders do not comply with authorities remedial directives, they will face criminal charges.　　Earlier this month, the Group of Seven (G-7) international political body expressed support for the FATF‘s efforts

2023-05-25Deep Dive

Ponzi Project EmpiresX Pays Nearly $35 Million In Fines To The US SEC

The bankrupt EmpiresX digital asset hedge fund has agreed to pay $34,839,951 in fines to the US SEC in compensation for allegations of investor fraud and violations of securities laws.　　The settlement, which was agreed on Friday only with the corporate entity EmpiresX, imposes a payment of $32,178,397, representing profits derived from the scheme. An additional $2,661,554 in interest brings the total to $34,849,951. EmpiresX is also permanently barred from violating future securities of the type described in the SEC complaint and from buying, offering, or selling any future securities.　　The court had issued a final judgment against co-defendant Nicholas on April 19, fined the trader $300,000, and barred him from attracting any new investors, receiving additional funds from other existing investors, and issuing, buying, offering, or selling any securities.　　Last June, the SEC announced fraud charges against EmpiresX, co-founders Emerson Sousa Pires and Flavio Mendes Goncalves, and principal trader Joshua David Nicholas. The defendants are accused of enticing investors with false claims of one percent daily returns but instead embezzling large sums of investors money for personal use.　　EmpiresX, or Empires Consulting Corp, is a Florida-based digital asset hedge fund run by the co-founders Pires and Goncalves and the platforms principal trader Nicholas.

2023-05-25Deep Dive

Binance Announces Delisting 21 Trading Pairs

Binance has just announced that it will remove and stop trading the following spot trading pairs.　　The list of Binance spot trading pairs will be delisted in the next three days.　　Spot trading pairs removed:　　APT/BRL, AMP/BTC, BEL/ETH, FIS/BRL, GAL/ETH, GMT/BRL, APE/AUD, AVAX/AUD, AXS/AUD, DOT/AUD, FTM/ AUD, LINK/AUD, SAND/AUD, SHIB/AUD, GMT/GBP, JASMY/BTC, KP3R/BNB, REI/BNB, SANTOS/BRL, STMX/BTC, XTZ/BNB　　Binance will terminate trading for the aforementioned spot trading pairs after May 26 (UTC).　　Users can still trade the above assets on other trading pairs available on Binance.　　Binance is a cryptocurrency exchange founded by Changpeng Zhao. Currently, It is the worlds largest cryptocurrency exchange in terms of trading volume with over 1460 trading pairs.

2023-05-24Deep Dive

PEPE price drops 65% in two weeks as whales take profits

In early May, the market capitalization of Pepe (PEPE) skyrocketed to $1.8 billion after being listed by Binance. However, at the moment, PEPEs market capitalization has dropped to $665 million, down 65%.　　According to data tracked by Wuligy, an online analyst at Dune Analytics, the main cause of PEPEs drop in life is that whales holding PEPE have taken profit-taking actions.　　Notably, the top 15 most profitable addresses have dumped most of their PEPE holdings in recent weeks.　　Some whales have even sold their 100% PEPE as pictured below.　　At the same time, PEPEs trading volume dropped significantly from its respective peak on May 5, indicating a decrease in PEPE trading activity by whales.　　However, there is one notable detail that the number of holders of PEPE has increased. As of now, the number of holders of this popular meme is up to 115,000, according to data from Etherscan.

2023-05-24Deep Dive

Binance allegedly violated US financial rules

The worlds largest cryptocurrency exchange, Binance, has been accused of mixing customer funds with the companys revenue in 2020 and 2021, violating US financial rules that require customer funds to be kept separate, according to Reuters.　　The mixing happens almost daily in accounts held at the US-based crypto-friendly bank Silvergate. The amount is believed to be in billions of dollars, according to an insider with direct knowledge of the Binance teams finances.　　Reuters has not verified the exact number or frequency. However, a Reuters review of bank records dated February 10, 2021, shows that Binance mixed $20 million in corporate funds with $15 million from a customer-receiving account.　　Three former US regulators said the cash flow at Binance described by Reuters showed a lack of internal controls to ensure customer funds are clearly identified and separate from the companys revenue.　　They said mixing the funds put clients assets at risk by concealing their whereabouts. John Reed Stark, former director of the Securities and Exchange Commissions Office of Internet Enforcement.　　However, Reuters found no evidence that Binance customer funds were lost or taken.　　A spokesperson for Binance, Brad Jaffe, denied mixing customer deposits and company funds.　　Binance has come under strict regulatory scrutiny from regulators in the United

2023-05-24Deep Dive

FTX Confirmed FTX 2.0 Plan, FTT Token Rapid Growth 17%

The bankrupt crypto exchange FTX has announced it will be relaunched by new management under the leadership of current CEO John Ray III.　　According to a filing filed earlier today with the United States Bankruptcy Court for the County of Delaware, John Ray III charged the companys bankruptcy estate more than $290,000 for his services. In addition, FTX had to pay an additional $1.3 million to other employees in the bankrupt unit that took over the platform.　　While the majority of his services involve day-to-day administrative and legal work, some of the activities mentioned in the filing reveal that the CEO is working on a plan to restart FTX 2.0. These plans regarding the possible restart of the crypto exchange were shared by Sullivan & Cromwell in bankruptcy court last month.　　These activities include advising cybersecurity firm Sygnia to strengthen its international crypto platform, reviewing the terms sheet for an exchange restructuring plan, exploring the following steps to launch the exchange, and reviewing and finalizing the FTX 2.0 document for distribution to investors.　　CEO Ray also reviewed the summary of steps submitted by investment bank Perella Weinberg Partners LP regarding the restart plan. The CEO regularly contacted the investment bank to discuss the restart

2023-05-23Deep Dive

CEO of Korean exchange Coinone is indicted for receiving the money to list tokens

The JoongAng said on May 22 , four individuals have been linked to the listing scandal at South Korean cryptocurrency exchange Coinone .　　According to prosecutors, Coinone listing leader Kim Mo and Coinone listing broker Hwang Mo were both indicted.　　Coinones former Chief Business Officer (CGO), Jeon Mo-ssi, was also investigated three times in March and April, although it is unclear if he will be prosecuted.　　The CEO of Coinone has received funds to list at least 46 cryptocurrencies on their exchange. That number represents 25% of all cryptocurrencies listed on Coinone, although prosecutors said the number could increase as investigations continue.　　In total, Coinone members received a total of 2.98 billion won ($2.27 million) in exchange for listing relevant cryptocurrencies.　　In addition to demanding payouts from parties seeking to list their coins, Coinone incentivizes some to facilitate market manipulation.　　Coinone executives are said to have encouraged listing parties to sign contracts forcing them to submit orders through market makers. The market maker then manipulated the price and artificially increased the trading volume.　　Prosecutors said the market manipulation misled exchange users about the volume and price of the cryptocurrency involved.

2023-05-23Deep Dive
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Crypto Exchange Regulation Check

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