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Binance, CEO Face Legal Action From US Regulator Over Crypto Exchange Practices

The Commodity Futures Trading Commission (CFTC) has sued Binance, the worlds largest cryptocurrency exchange, and its founder and CEO, Changpeng Zhao, for operating an “illegal” exchange and a “sham” compliance program. The lawsuit alleges that Binance, Zhao, and its former top compliance executive willfully evaded US law while engaging in regulatory arbitrage for their commercial benefit. The CFTC said that Binance offered and executed commodity derivatives transactions on behalf of US persons, in violation of US laws, from at least July 2019 to the present. Binances compliance program was ineffective, and the firm instructed employees and customers to circumvent compliance controls, the CFTC said, citing several practices first reported by Reuters in a series of investigations into the exchange last year.CFTCs Complaint　　The CFTCs complaint detailed Binances efforts to retain US customers even after the company launched a US exchange in 2019 to serve American customers in compliance with US regulations, in partnership with a purportedly independent US firm. The US firm, BAM Trading, was in fact controlled by Zhao and managed by Binance as a de facto subsidiary, as reported by Reuters. Although Binance publicly said it was restricting US customers from trading on its platform, the CFTC noted that

2023-03-28Deep Dive

Binance CEO Changpeng Zhao admits to using company products but says employee trading is limited

On March 27, Binance CEO Changpeng Zhao made a statement published on the exchanges website, revealing that he stores his personal funds with Binance.　　　　Zhao admits to using Binance products　　In a statement released on March 27, Binance CEO Changpeng Zhao addressed the question of whether he and other employees use Binance. Zhao confirmed that he personally uses two accounts on the exchange, one for Binance Card and one for his crypto holdings, and stores his cryptocurrency on Binance.com. However, he denied that employees have unrestricted access to the exchange and explained that they are subject to a “90 day rule,” which restricts them from buying or selling any given cryptocurrency within 90 days of their previous purchase or sale. Zhao emphasized that he strictly adheres to these policies.　　While Zhao admitted to using Binances own products, he clarified that he has never personally used certain features such as Launchpad, the companys token sale platform, and has never made use of Binances earn, margin, or futures products.　　Binance minimizes affiliate trading　　The statement mentioned above only addresses one of the specific allegations made by the CFTC regarding Zhaos personal trading on Binance through two accounts. However, the CFTCs filing on March 27 also claimed that

2023-03-28Deep Dive

Nigerian Federal Government exempts telecoms from 5% excise duty

By: Damian Okonkwo　　The Nigerian Federal Government has exempted telecom services from the recently introduced 5% excise duty on all services. President Muhammadu Buhari approved the exemption in line with the recommendations of the Committee that reviewed the applicability of the duty to the telecom sector. The committee submitted its report to the President, justifying why the sector should be exempted.　　One of the major justifications presented by the committee is that the telecoms sector is already overburdened with over 41 different taxes, levies, and charges. Additionally, the sector has continued to make a significant contribution to the Nigerian economy in terms of Gross Domestic Product Contribution (GDP).　　The third reason for contesting the excise duty in the telecom sector is that despite the increase in the cost of all factors of production across the sectors, the telecom sector had remained the only sector where the cost of service has been stable and had continued going down over the past years.　　Speaking on this last week, the Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim Pantami, Pantami revealed that the President, having examined the arguments presented by the Committee and anchoring on the provision of Section 5 of the Nigerian 1999 Constitution,

2023-03-27Deep Dive

XRP Lawsuit Summary Judgment May Land This Week, Suggests Case Insider

The ongoing legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is awaiting a Summary Judgment from the U.S. District Court. The decision in the case is anticipated to have a significant impact on the price of Ripples native cryptocurrency, XRP, in the future. Although the rulings timing remains uncertain, an attorney involved in the XRP lawsuit has hinted that it may be closer than expected.　　　　Ripple Win Will Pump XRP　　Attorney John Deaton, who serves as an Amicus curiae in the XRP lawsuit, has recently stated that the Judges ruling in the case is likely to be issued within the next few weeks, and may even be announced this week. Deaton made this statement after Ripple and the defendants filed a Letter Notice of Supplemental Authority to support their fair notice defense.　　According to the lawyer representing XRP holders, the risks/reward ratio for XRP is currently the most attractive. In the event that the U.S. SEC wins the case, Deaton speculated that the downside for XRP would be limited to $0.45, as Ripple and the defendants would likely appeal the decision in court and maintain the status quo.　　However, if the ruling is in Ripples favor, it would be

2023-03-27Deep Dive

Crypto Mining Operations in Venezuela Forced to Shut Down

Venezuela‘s energy supplier has shut down crypto mining facilities throughout the country amid an ongoing corruption investigation involving the country’s oil company and the national crypto department. Reports suggest that mining facilities were shut down in the past few days in the states of Lara, Carabobo, and Bolívar, but it is unclear how many crypto firms were affected. Some crypto exchanges were also ordered to cease operations. The closure of these facilities is believed to be part of an investigation of corruption involving Venezuela‘s oil company PDVSA and the country’s crypto department.Closure of Crypto Mining Facilities　　Crypto mining facilities were closed down in several states across Venezuela, with the exact number of firms affected remaining unknown. Alongside this, certain crypto exchanges were also told to cease operations. This is part of an investigation into corruption involving the countrys oil company and crypto department.Ongoing Corruption Investigations　　Reports indicate that Venezuelas attorney general, Tarek William Saab, revealed on March 25 that government officials were allegedly running parallel oil operations with the assistance of the national crypto department. According to Saab, at least 10 people have been arrested in connection with the investigations, including Joselit Ramirez Camacho, who led the crypto department since its inception

2023-03-27Deep Dive

The Most Recent ETH 2.0 Staking Developments on eToro

The renowned online broker eToro has issued a significant update to its clients who have invested ETH 2.0 on its website. The Ethereum network has declared that pledged ETH and associated incentives will be released shortly. When this occurs, eToros ETH 2.0 staking services on the eToro Money crypto wallet will be discontinued per the Ethereum networks directive.　　eToro will then begin withdrawing pledged ETH and incentives and transferring them to the users ETH wallet on the eToro Money crypto wallet. Once this procedure is complete, eToro will send a confirmation email to all clients who invested in ETH 2.0.　　It should be noted that the exit process could take some time, but eToro has stated that it will complete the procedure as quickly as possible. The company acknowledges that many of its users have been eagerly anticipating the distribution of incentives and thanks them for their patience while the details of this procedure are finalized.　　eToro has reassured its users with this update that it is committed to guaranteeing a smooth and efficient payout procedure. Always check your email for updates from eToro concerning your ETH 2.0 pledge.　　Overall, this enhancement demonstrates eToros commitment to providing superior service to its consumers and keeping

2023-03-27Deep Dive

Arbitrum Discord Server Compromised Amid Hacks

Despite facing technical issues, the Arbitrum team successfully conducted the much-awaited airdrop on March 23. However, they now encounter security concerns with reports of hacks and thefts that have affected users. Notable members of the crypto community have disclosed that the official Arbitrum Discord server has been compromised.　　　　Blockchain security firm, CertiK, issued a tweet on March 25, cautioning the community about a phishing link that was posted on the Arbitrum Discord server. The firm advised the community to refrain from clicking on any links until the Arbitrum team can recover control of the server.　　CertiK, a blockchain security firm, cautioned the public through a tweet on March 25 about a potential phishing link that was posted on the Arbitrum Discord Server. They advised people to avoid clicking on any links until the Arbitrum team had regained control of the server.　　According to WickdNFT, the founder of HideoutNFT, there were speculations that a developer associated with Arbitrum was hacked and had shared a phishing link within the Discord community.　　Plumferno, the founder of ServerForge, shared that the attacker is requesting the community to claim an additional stake in the Arbitrum DAO governance, claiming that some claims were missed during the initial token claim.　　Although the

2023-03-25Deep Dive

US SEC Claims Supreme Court Ruling Won’t Help Ripple; What’s Next?

The U.S. Securities and Exchange Commission (SEC) has responded to the letters filed by Ripple Defendants in the District Court, regarding the Supplemental Authority from the Bittner and Voyager cases. Ripples latest filings in the XRP lawsuit are anticipated to be significant in securing a Summary Judgment in its favor.　　US SEC Rejects Ripples Attempt To Secure Ruling　　In response to the Ripple Defendants letters filed in the District Court, the US Securities and Exchange Commission (SEC) has filed a reply regarding Supplemental Authority from the Bittner and Voyager cases. The agency stated that these cases do not provide any basis to deny their motion for Summary Judgment and neither includes a fair notice defense.　　The SEC emphasized that the Supreme Courts decision in the Bittner case is not relevant to the fair notice defense being invoked by Ripple and Defendants to avoid liability in the civil action. The commission pointed out that the rule of lenity mentioned in the Bittner case is not applicable to the civil enforcement context.　　The US SEC pointed out that the lenity principle cited in the Bittner case only applies in cases where a criminal statute contains a “grievous ambiguity or uncertainty.” Furthermore, the commission reinforced its argument

2023-03-24Deep Dive

Texas Becomes A Hub For Bitcoin Mining Operations

According to the Texas Blockchain Council, the bitcoin sector in Texas is booming despite worries about electricity usage and recent failures. Bitcoin producers in the state increased their demand for electricity by 75% last year, using about 2,100 megawatts, or almost treble the quantity used the year before. However, according to statistics from the Electric Reliability Council of Texas (ERCOT), this demand only represents 3.7% of the states lowest projected peak capacity this year.　　Texas plentiful wind and solar energy, which is predicted to meet 39% of ERCOTs energy requirements by 2023, is what draws bitcoin producers to the state. Additionally, the states municipalities provide financial benefits. In McCamey, Texas, for instance, U.S. Bitcoin Corp. runs a processing business inside a 280-megawatt wind field. The facility used 173,000-kilowatt hours of energy last month, with the wind farm providing roughly 40% and the infrastructure providing the remaining 60%.　　To put this into perspective, the Energy Information Administration estimates that the typical American household consumes about 10 MWh per year.　　Texas is concerned about the effects of increased crypto demand on the infrastructure after a recent catastrophic winter storm outage there caused the deaths of about 250 people. According to Joshua Rhodes, a study chemist

2023-03-24Deep Dive

After Being Detained In Montenegro, Crypto Founder Do Kwon Indicted In The US

Do Kwon, the South Korean entrepreneur who co-founded Terraform Labs, the company behind the collapse of the cryptocurrencies TerraUSD and Luna, has been arrested in Montenegro for fraud and other charges. The arrest occurred on the same day that the US Department of Justice (DOJ) announced eight charges against Kwon, including securities fraud, wire fraud, commodities fraud, and conspiracy.Arrest Details　　Kwon, 31, was arrested in Montenegro along with another South Korean citizen who remains unnamed. The European countrys interior ministry confirmed the arrest, stating that Kwon was suspected of being a fugitive and was behind losses of over $40 billion. Kwon and the other man were apprehended at the Podgorica airport while trying to board a flight to Dubai, using forged documents from Costa Rica that were identified by Interpol.Criminal and Civil Cases　　South Korean authorities revealed last year that Kwon had traveled to an unknown country via Dubai after leaving Singapore. The criminal charges come after a related civil case against Kwon and his Singapore-based company Terraform Labs was announced by the US Securities and Exchange Commission (SEC) last month. Holders of TerraUSD and Luna lost approximately $40 billion after the so-called “stablecoin” fell below its $1 peg in May. TerraUSD

2023-03-24Deep Dive
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