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Cryptopolitan
Cryptopolitan
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Terraform Labs co-founder Do Kwon has clinched a significant victory with his successful second appeal to evade extradition to the United States, as per the latest announcement from the appellate court of Montenegro, unveiled on Thursday. Legal Maneuvers and International Tussle The unfolding saga surrounding Do Kwon has become a battleground involving the US, Montenegro, South Korea, and Kwon’s legal team, each vying to determine the ultimate destination for the embattled founder. Since March 2023, Kwon has remained in custody in Montenegro, with both South Korea and the US seeking his extradition. In December, Kwon’s extradition to the US was greenlit, prompting him to launch an appeal in the Montenegro court, where he initially emerged victorious. However, the tables turned when the High Court of Podgorica overturned Kwon’s appeal and endorsed his extradition. Thursday’s ruling by the appellate court highlighted “significant violations” in the extradition order issued by the High Court. Notably, the court underscored the oversight in considering the sequence of extradition requests, suggesting that South Korea may have initiated extradition proceedings prior to the US. While the legal battle rages on, Montenegrin authorities have already handed over Terraform’s chief financial officer, Han Chang-joon, to South Korea earlier this week. Notably, Chang-joon, unlike Kwon, does not currently face any charges in the US. Legal Proceedings in the US Meanwhile, in the United States, the Securities and Exchange Commission (SEC) had scheduled a trial against Kwon to commence last month. However, the extradition delay prompted a postponement, pushing the trial to March. Terraform Labs, co-founded by Kwon, is also implicated in the case. US District Judge Jed Rakoff, overseeing the proceedings, emphasized that there would be no further delays, asserting that the trial would proceed regardless of Kwon’s presence. Rakoff’s order also noted Kwon’s purported consent to extradition, signaling a potential breakthrough in the legal impasse. Kwon is facing a litany of criminal charges in the US, including allegations of wire fraud and conspiracy. Under federal law, the criminal case against Kwon could proceed even in his absence if he knowingly and voluntarily waived his right to be present. Despite the legal complexities and international wrangling, the resolution of Kwon’s extradition appeal marks a significant milestone in the protracted legal saga.

13 days ago
ZyCrypto
ZyCrypto
followers

Do Kwon, founder and ex-CEO of the now-defunct Terraform Labs, has notched a minor victory after a court in Montenegro cancelled his extradition to the United States for the second time. The appellate court of Montenegro accepted the appeal of Kwon’s defence lawyers in a panel session on Wednesday, according to a statement issued by the court. The High Court of Podgorica initially made the decision to deport Kwon in December. However, his attorneys lodged an appeal a few weeks later, and he was allowed to remain in Montenegro while the appellate court heard the case. As per the Wednesday statement, the appellate court determined that the original extradition decision was affected by “significant violations of the provisions of criminal procedure” due to the “incomprehensible” wording of the decision. “The decision has no reason for decisive facts, and the reasons given are unclear, which is the reason for its cancellation,” the appellate court added. The statement went on to indicate that the lower court disregarded the order of arrival of the requests for extradition, suggesting that South Korea was the first to seek deportation of the disgraced crypto mogul. Kwon’s case will now return to the first-instance court for retrial and decision. The Terra creator has been in Montenegro since last year and recently served a four-month jail sentence for attempting to flee to Dubai with falsified documents. Notably, there has been a jurisdictional clash over deporting Kwon to the U.S. or his native country, South Korea, in the aftermath of Terra’s implosion in May 2022. According to the U.S. Securities and Exchange Commission (SEC), Kwon orchestrated a mammoth crypto securities fraud resulting in multibillion-dollar losses by users. Montenegrin authorities extradited Kwon’s associate and former Terraform Labs chief financial officer, Han Chang-Joon, to South Korea on Feb. 5 — he faces a life sentence. The latest ruling delays a similar fate for Kwon.

13 days ago
CryptoPotato
CryptoPotato
followers

German police officers executed a historic crypto seizure earlier this month, claiming over 50,000 Bitcoin (BTC) from two aged men for copyright law violations over a decade ago. Worth $2.1 billion at today’s price, the action represents the largest ever Bitcoin seizure for German authorities, and one of the largest ever executed by law enforcement throughout the world. Massive Bitcoin Piracy Sting Per a police statement on Tuesday, the investigation included support from the Federal Criminal Police Office (BKA), the FBI, and a Munich forensic IT expert company. The accused, who allegedly violated the Copyright Act and engaged in subsequent money laundering, voluntarily handed over their proceeds to digital wallets provided by the BKA. They included a 40-year-old German man and a 37-year-old Polish man, both responsible for running “a leading German company until the end of May 2013.” “They are said to have purchased Bitcoins with the proceeds,” the statement read. “No further information will be provided until the investigation is completed.” No decision has been made thus far on what to do with the reclaimed coins. In May 2013, Bitcoin traded for roughly $100 apiece, meaning the entire BTC stash would have been worth about $5 million at the time. Bitcoin has appreciated over 400x since then, trading for $43,500 at writing time. Record-Breaking Bitcoin Seizures The asset’s tremendous growth has culminated in multiple record-shattering financial seizures across the world, due to large stashes of ill-obtained coins from Bitcoin’s early days being reclaimed at far higher values years later. A leading example is that of the 50,000 Bitcoin seized by the U.S. Department of Justice (DOJ) in November 2021, related to the darknet marketplace Silk Road that was taken down in 2013. Worth just a few million dollars at the time, the value of the coins soared to $3.36 billion by the time they were seized. The U.S. government has since decided to incrementally sell that stash on Coinbase in several batches. An additional batch of roughly 2900 Silk Road-connected coins was claimed last year, which the government plans to dispose of once the grace period for migration claims has passed. Months after the Silk Road seizure, the government topped its previous record by seizing 120,000 BTC connected to the 2016 Bitfinex hack. Between the time of the hack and their subsequent seizure, their value surged from $74 million to $4.5 billion. The post German Police Seize $2.1 Billion (50K BTC) From German Pirates appeared first on CryptoPotato.

22 days ago
CryptoPotato
CryptoPotato
followers

Crypto firms faced substantial regulatory action, collectively paying nearly $6 billion in fines primarily due to Anti-Money Laundering (AML) violations and deficiencies in customer checks last year. This marks a significant development, as crypto and fintech groups experienced higher fines for inadequate controls than the entire traditional financial system for the first time. Crypto-Related Fines Surge The total fines of $5.8 billion in 2023, including a substantial $4.3 billion penalty against the crypto exchange Binance, were characterized as a warning by U.S. prosecutors. The amount significantly surpassed the $835 million paid by traditional financial services groups, marking the lowest level in a decade. Dennis Kelleher, CEO of Washington-based Better Markets, an advocate for stricter regulation, commented that these figures reflect more on issues in newer finance sectors rather than an improvement in traditional banks. He highlighted that the widespread fraud and criminality in the prominent crypto industry prompted regulators and prosecutors to allocate resources toward curtailing such behavior and preventing its escalation. Data compiled by compliance software provider Fenergo revealed that fines for money laundering and other financial crime violations increased over 30% to $6.6 billion. However, it remained below the peak of $11.3 billion in 2015. Last year saw a notable increase in fines against crypto and payment providers. Crypto firms faced 11 fines, a significant rise from an average of less than two per year in the previous five years. David Lewis, ex-Financial Action Task Force head and current Kroll anti-money laundering chief, flags concerns over crypto firms’ oversight in various jurisdictions. He emphasizes rising risks and advocates for global standards to curb criminal exploitation of regulatory gaps. Crypto Fines Could Increase Further Andrew Barber, a partner at Pinsent Masons, anticipates that fines against crypto and payments groups may rise further in the coming years as governments implement new regulatory regimes. Firms that previously operated without significant regulatory oversight will likely need time to adjust, and the scrutiny on their anti-money laundering (AML) controls is expected to intensify. Charles Kerrigan, a crypto specialist and partner at law firm CMS, believes that fines may decrease in the coming years because the crypto industry is now more tightly controlled compared to its early stages. Kerrigan also points out that the global market cap of crypto is $1.8 trillion, significantly smaller than the hundreds of trillions of assets in the traditional financial system. Despite this, he acknowledges that fines may still occur as regulators aim to make a point about crypto. The post Crypto Firms Faced Nearly $6B in Fines in 2023 for AML Violations appeared first on CryptoPotato.

about 1 month ago
鏈新聞abmedia
鏈新聞abmedia
followers

Recently, the Supreme People's Procuratorate of China and the State Administration of Foreign Exchange jointly released a series of typical cases involving foreign exchange violations and crimes. These cases not only demonstrate the effectiveness of the two major agencies' coordinated operations, but are also of great significance for continuing to strengthen the connection between executions and punishing cross-border financial criminal activities in accordance with the law. Strengthen the connection and crackdown on executions The eight typical cases announced by China's Supreme People's Procuratorate in the joint operation mainly involved cross-border illegal foreign exchange trading activities. These cases reflect the close cooperation between China’s judicial authorities and foreign exchange authorities in the use of administrative and criminal justice methods. New trends: increased stealth and complexity China's top prosecutor said that current foreign exchange crimes have shown new characteristics, including that cross-border transfers of funds have become more covert and capital transactions have become fast and complex. China’s top prosecutor summarized three phenomena: First, cross-border transfers of funds are more hidden. The illegal buying and selling of foreign exchange by underground banks mostly adopts the cross-border "counter-punch" model, transferring RMB domestically and transferring foreign exchange overseas. Domestic and foreign funds circulate independently, deliberately evading regulatory attention. Second, capital transactions are faster and more complex. Payment and settlement tools such as bank cards, POS machines, and online payments are convenient and efficient. Criminals launder, disperse, and aggregate funds among multiple banks and multi-layer accounts across the country. New payment methods such as virtual currencies have increased the concealment of fund transfers. sex. The third is the "social mediaization" of illegal information release and dissemination. Social networks and live broadcast platforms are flooded with a large amount of information. Overseas websites and chat software provide private communication tools, and criminals take advantage of public

about 2 months ago
Learn_With_Fullo
Learn_With_Fullo
followers

One of the top questions people usually ask is whether or not Cryptocurrency is indeed a good investment. The answer to this question is quite tricky because it could be a good investment, or it could not. Cryptocurrency can either get you filthy rich or you could also end up losing your money. Just like any other investment, crypto assets come with lots of risks, but also plenty of potential rewards. However, without a doubt, Cryptocurrency is a great investment, especially if you want to acquire direct exposure to the demand for digital currency. So if you want to know how good this investment is, continue reading this piece.  Why you should consider investing in Cryptocurrency?Investing in currencies such as Bitcoin and Ethereum is considered a “high-risk” investment. The price of cryptocurrencies is generally volatile; some can go wrong, others could turn out to be scams, while others may increase in value and produce a great return for the investors. If you are considering investing in Cryptocurrency, you need to find a trusted and reliable trading platform such as Bitfinex. You can read about the trusted Bitfinex review. To some people, Cryptocurrency could remain niche or vanish just like that. But Cryptocurrency should be considered a high-risk investment just like any other investment. With more and more businesses accepting crypto, it is now evident that Cryptocurrency is here to stay and it will not disappear any time soon. Some of the big brands that have accepted crypto include Starbucks, Tesla, and other top casinos. This proves that crypto will soon find its way into so many big brands, making it a worthy investment. But just like any other investment, before you invest in crypto, you need to do extensive diligence and don’t pin your hopes on one Cryptocurrency or one company. The best decision is to spread your money across so that you can spread the risk. Again, remember to invest only what you can afford to lose.  Is Cryptocurrency safe?To be honest, Cryptocurrency also presents some risks that are not as prevalent in traditional markets as those for bonds and stocks.  For instance, crypto exchanges have been quite vulnerable to hacks and other criminal activities. Of course, these security violations have led to significant losses for several investors who have had their digital currencies stolen. Additionally, scams and frauds have increasingly become widespread in the crypto world. Some hypesters promise investors amazing returns that they cannot fulfill since they usually peddle fool’s gold instead of legitimate blockchain projects. Investors who fall into this trap usually suffer losses when these projects fail eventually. Finally, it is not as easy to store cryptocurrencies as it is to store stocks and bonds. While exchanges such as Coinbase make it fairly easy to buy and sell crypto assets, such as Ethereum or Bitcoin, many people don’t like the idea of keeping their digital assets on exchanges because of theft and cyberattacks. #Cryptocurrrency #InvestmentStrategies

about 2 months ago
Bitcoinist
Bitcoinist
Former SEC Official Exposes Binance As 'Big Crypto Cartel' In Scathing Verdict | Bitcoinist.com
3 months ago
Cryptopolitan
Cryptopolitan
followers

In a year marked by legal challenges and regulatory scrutiny, Changpeng Zhao, widely known as CZ, the former CEO of Binance Holdings, has witnessed a significant increase in his estimated net worth, surging by nearly $25 billion.  This remarkable boost in wealth comes despite Binance’s agreement to pay $4.3 billion in fines to US authorities and CZ’s guilty plea to criminal charges in November. CZ’s resilience amid legal battles Despite the ongoing legal troubles surrounding Binance, CZ’s net worth has risen to an estimated $37 billion in 2023. This substantial increase can be attributed to his controlling stake in Binance, the world’s largest cryptocurrency exchange, which he co-founded.  In November, both CZ and Binance pleaded guilty to charges related to anti-money laundering and US sanctions violations. However, they reached a comprehensive settlement that allowed the exchange to continue its operations.  As part of the agreement, CZ agreed to pay a personal fine of $50 million and stepped down as CEO, while retaining his ownership stake in the company. A glimpse into former Binance CEO’s legal future Despite facing the possibility of up to 10 years in prison, CZ’s plea deal may limit his sentence to a maximum of 18 months, potentially sparing him from more severe penalties faced by other prominent individuals involved in cryptocurrency-related crimes. This legal situation has undoubtedly cast a shadow over CZ’s financial success in 2023. However, it’s worth noting that CZ’s current net worth remains significantly lower than its peak of nearly $97 billion at the beginning of 2022. Furthermore, according to the Bloomberg Billionaires Index, it has decreased from its year-to-date high of $50.4 billion in July. CZ is not the only billionaire benefiting from the crypto industry’s resurgence in 2023. The positive sentiment in the market, combined with the resolution of the Binance settlement and the potential approval of Bitcoin spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC), has contributed to the wealth growth of other prominent figures in the crypto space. Brian Armstrong, the CEO of Coinbase Global Inc., has seen his wealth increase by $5.8 billion year-to-date, reaching a total of $7.2 billion. Coinbase’s shares have surged by approximately 400% throughout the year, and Armstrong holds an estimated 16% stake in the company. Fred Ehrsam, the co-founder of Coinbase, has also experienced substantial wealth growth in 2023. He added $1.8 billion to his net worth, bringing it to approximately $2.5 billion. The Winklevoss twins, famous for their co-founding of the Gemini Trust crypto exchange and their significant holdings of Bitcoin, have each seen their wealth balloon by $1.4 billion in 2023, individually reaching $2.7 billion. In stark contrast to these success stories, Sam Bankman-Fried, the former CEO of FTX crypto exchange who is currently imprisoned and has been convicted of massive fraud, has seen his estimated net worth plummet to $0. This comes after reaching a peak of $25.9 billion in March of the previous year.

about 2 months ago
BitEagle_News
BitEagle_News
followers

Exposed: JPMorgan $39B in Fines Amid Dimon Crypto Criticism - Who's the Real Criminal? 🎙️ Dimon's Senate Statement: Claims Bitcoin  and cryptos mainly used for criminal activities. Suggested he would close down the crypto industry if possible. Crypto Community Backlash: • Highlighting JPMorgan's Fines: Pointed out the bank's $39.3 billion in fines since 2000. • Dimon's Tenure Issues: Over $38 billion in fines under his leadership since 2005. • Notable Violations: Epstein-related $75 million settlement, $13 billion mortgage deception fine, $1 billion metals market manipulation. Shocking Revelation: Cocaine Bust Involvement: Ship linked to JPMorgan fund in major cocaine bust. JPMorgan's Crypto Ventures: • JPM Coin Launch: Bank's own crypto token on private Ethereum blockchain. • Blockchain Investments: Involvement in tokenization platform and Ethereum firm Consensys. Fact-Checking Dimon: • Community Notes on X: Less than 1% of crypto transactions linked to illegal activities. • Crypto Community's Response: Emphasizes debate over crypto vs. traditional banking roles. #Bitcoin

2 months ago
CryptoPotato
CryptoPotato
followers

The prosecutor’s office of Bulgaria has dropped all charges against crypto lending giant Nexo after the company’s regional offices were raised by government authorities earlier this year. In a private message to CryptoPotato, a company spokesperson confirmed that prosecutors found “no evidence” of crime, despite a range of former allegations including terrorist financing, and offering banking services without license. Nexo Cleared Of All Accusations Per the prosecution office’s statement on Friday, four individuals – including Nexo co-founder Antoni Trenchev – had been charged for participating in a profit-oriented “organized criminal group” between 2018 and January 2023. Yet after nearly a year of investigations including forensic audits, seizures, interviews, and financial account monitoring, the office could find no dirt against Nexo under existing laws. “On the basis of the established factual situation, the team of supervising prosecutors came to the conclusion that there was no evidence of committed crimes,” read a translated version of the agency’s statement. Specifically, the body said it couldn’t identify complicity from Nexo in performing banking activities without a corresponding permit – nor of money laundering, computer fraud, or tax crimes. The conclusion largely stemmed from Bulgaria’s lack of an existing regulatory regime for crypto assets, which “are not recognized as money, deposits or other recoverable funds in any EU country” according to the European Banking Authority. Nexo was charged and fined by several federal and state regulatory authorities in the United States earlier this year for securities law violations but was still cleared of fraud or any misleading commercial practices. The firm has since ended services in the United States amid overbearing regulatory pressures and confusion. Vindicating Nexo In a provided statement, Trenchev said that Bulgaria’s dropped charges helped confirm his initial claim that the entire investigation into his firm was politically motivated, and never should have happened at all. “It also goes a long way in clearing our names and is a vindication for all good actors in crypto,” he said. “We are very content with this result.” When first receiving the charges in January, Trenchev told CryptoPotato that they were politically motivated, designed to harm the reputation of a political party that had received donations from more than a dozen employees of Nexo. Nexo currently serves over 6 million customers worldwide in over 200 jurisdictions, according to its website. The post After Office Raid, Bulgaria Drops All Charges Against Nexo appeared first on CryptoPotato.

2 months ago
CoinDesk
CoinDesk
followers

Crypto company SafeMoon filed for Chapter 7 bankruptcy on Thursday, as its executives face criminal charges in the U.S. SafeMoon, which is affiliated with a token by the same name, said it has between 50 and 99 creditors, anywhere between $10 million and $50 million in assets, and owes between $100,000 and $500,000, according to a filing in the Utah Bankruptcy Court. Chapter 7 bankruptcies result in a debtor’s assets being liquidated to repay creditors. Unlike the Chapter 11 bankruptcies other crypto companies have filed under, there’s usually no intent to restructure and relaunch the company. SafeMoon’s executives were arrested last month by U.S. officials on charges of securities fraud conspiracy, wire fraud conspiracy and money laundering conspiracy tied to allegations that CEO John Karony, CTO Thomas Smith and creator Kyle Nagy misappropriated millions in investor assets and lied to customers. However, Nagy was charged but has not been arrested yet. The firm also faces a Securities and Exchange Commission (SEC) lawsuit alleging fraud and securities law violations. SafeMoon’s SFM tanked some 42% over the past 24 hours, though it also does not have a lot of liquidity or a particularly large market capitalization.

2 months ago
Todayq News
Todayq News
followers

Do Kwon, the fallen crypto tycoon might be getting back to the U.S. to face criminal charges over securities violations. The charges include Wire fraud, Commodities fraud, Securities fraud, Conspiracy to defraud, and Market manipulation. Do Kwon face extradition dilemma According to the WSJ report, Montenegro’s Justice Minister, Andrej Milovic, is leaning towards sending crypto tycoon Do Kwon to the U.S. rather than South Korea to face criminal charges. The fallen crypto tycoon has been in Montenegro’s custody since March. However, both the U.S. and South Korea are seeking his extradition over fraud and securities-law violations related to the $40 billion crash of his TerraUSD and Luna cryptos back in May 2022. The Montenegro court recently approved Kwon’s extradition but it left the final decision to Justice Minister Milovic. The report mentioned that the minister is expected to announce his decision after the country’s courts rule on Kwon’s kind of last-ditch appeal against the extradition ruling. The fallen crypto tycoon has been sentenced to four months in prison in Podgorica for falsifying travel documents. Decision pending on minister’s call It is important to note that the Higher Court in Podgorica, which approved his extradition, highlighted that Kwon had given consent to be deported to South Korea. However, by applying multiple extradition requests, the decision on the extradition country now rests with the Montenegro Justice Minister.  If Milovic permits Kwon’s extradition then it will happen after the completion of the criminal sanction imposed by the Basic Court in Podgorica.  The extradition case adds complexity to Kwon’s legal challenges as the outcome of it remains uncertain pending the minister’s decision. The tug-of-war over Kwon underscores the international dimension and legal action involved in high-profile crypto cases. Kwon has been accused of a crypto market crisis and violating capital market rules, gaining notoriety as a crypto executive. After fleeing the investigation, Interpol issued a global arrest plea against him. South Korea issued an arrest warrant in September last year and revoked Kwon’s passport for alleged market rule violations related to the token collapse. Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

3 months ago
koinmilyoner
koinmilyoner
followers

The decision of the High Court to extradite the founder of Terraform Labs to either South Korea or the United States of America has been overturned by the Appellate Court of Montenegro, which has now accepted an appeal filed by Do Kwon's legal team. Therefore, the verdict that was handed down by the Higher Court in Podgorica, which is the capital of the nation, has been overturned by the Appellate Court. The matter was sent back to the basic court for a retrial and any further judgment that may be made. According to the ruling that was handed down by the High Court on November 17, it was determined that the legal requirements for Kwon's extradition were satisfied. Over the course of several months, the United States of America and South Korea, where Kwon was born, have been working to extradite him to face charges linked to fraud. On the other hand, the official statement issued by the Montenegro Appellate Court on December 19 said that, The Appellate Court, in its decision regarding the appeal filed by the attorneys for the defendant, has determined that the decision made by the High Court was influenced by a significant violation of the Criminal Procedure Code. This violation is correctly pointed out by the defense attorneys' appeal, as the decision does not provide any reason behind the decisive facts, and the reasons given are unclear, which constitutes grounds to revoke the decision. The investigating judge listened to Kwon and agreed that he should be extradited as soon as possible. This was done in response to a request from South Korea. However, the judge did not hear the defendant's side of the story about the request to be extradited to the United States of America. According to the Court, this indicates that the High Court is acting in a manner that is contradictory to the applicable legislation, which mandates that the investigating judge must notify the individual why and where their extradition is demanded, therefore providing them with the opportunity to provide a defense. "The High Court does not have jurisdiction over this matter." Appellate Court was not finished with the case. The ruling of another High Court was overturned by this. Kwon's extradition had been previously postponed by the Podgorica High Court until following the completion of his four-month jail sentence. Kwon was apprehended while at the same time attempting to leave the country by using forged passports. Nevertheless, the most recent judgment indicates that, The decision of the [High Court] was overturned because of significant violations of criminal procedure provisions. This is because the decision regarding whether or not extradition will be postponed does not fall under the jurisdiction of the court, which only determines whether or not the legal prerequisites for extradition have been met. Instead, the decision regarding whether or not extradition will be postponed falls under the jurisdiction of the Minister of Justice. The case is going to be retried, and it will be some time before Kwon finds out what ultimately happens to him. He is wanted for a number of crimes of securities legislation in connection with the collapse of Terra and Luna in May of 2022. It is believed that the crash cost the market forty billion dollars. Due to allegations of fraudulent activity, the United States Securities and Exchange Commission (SEC) has initiated legal action against the creator of Terraform Labs. Additionally, a warrant ordering his arrest was issued by South Korea. And ever since then, they have been fighting for his extradition. While Kwon and his accused co-conspirator, Han Chang-Joon, the chief financial officer of Terraform Labs, were on the run across Asia and Europe, they were finally apprehended in Montenegro in March of last year. #LUNC #DoKwon #LUNA

2 months ago
TrEK
TrEK
followers

Today, we are pleased to inform you that we have reached resolutions with the US Department of Justice, the Commodity Futures Trading Commission, the Office of Foreign Assets Control, and the Financial Crimes Enforcement Network related to their historical registration, compliance and sanctions investigations. questions These resolutions recognize our company's responsibility for historical criminal compliance violations and allow our company to turn the page on a difficult but transformative chapter in

3 months ago
Crypto Intelligence
Crypto Intelligence
followers

JPMorgan CEO Jamie Dimon has found himself under scrutiny from the cryptocurrency community on the social platform X (formerly Twitter) after making controversial remarks about Bitcoin and cryptocurrency. During a hearing before the United States Senate Committee on Banking, Housing, and Urban Affairs on December 5, Dimon asserted that the “only true use case” for cryptocurrency is to facilitate criminal activities, such as money laundering, drug trafficking, and tax evasion. He even went as far as to suggest that, if he were in a government position, he would advocate for the shutdown of cryptocurrencies. Dimon’s comments did not go unnoticed, and crypto enthusiasts were quick to point out what they perceived as hypocrisy in his statements. They highlighted the fact that JPMorgan, one of the world’s largest banks, has faced numerous legal issues and paid substantial fines under Dimon’s leadership. According to data from Good Jobs First’s violation tracker, JPMorgan has incurred approximately $39.3 billion in fines across 272 violations since the year 2000, with a significant portion of these fines occurring during Dimon’s tenure as CEO, which began in 2005. Prominent figures in the cryptocurrency space, such as crypto lawyer John Deaton and VanEck strategy adviser Gabor Gurbacs, criticized Dimon for his comments, emphasizing that banks worldwide have paid a staggering $380 billion in fines in this century alone. These figures raise questions about Dimon’s credibility in criticizing Bitcoin’s alleged association with illicit activities. READ MORE: U.S. Senators Seek FTC’s Response on AI Scams Targeting Older Americans Furthermore, JPMorgan itself has faced legal challenges, including a $75 million settlement with the U.S. Virgin Islands in September, which alleged the bank’s involvement in and financial benefit from Jeffrey Epstein’s sex trafficking operation between 2002 and 2005. However, it is essential to note that settlements do not necessarily imply an admission of guilt. In addition to these incidents, JPMorgan has had to settle other significant cases, including a $13 billion settlement in October 2013 for misleading investors regarding “toxic” mortgage deals that significantly contributed to the 2008 financial crisis. The bank also faced investigations and agreed to pay nearly $1 billion in September 2020 for alleged manipulation of various metals futures markets. Ironically, despite Dimon’s strong opposition to cryptocurrencies, JPMorgan has launched its own digital asset, JPM Coin, on a private version of the Ethereum blockchain for institutional clients. The bank has also rolled out a blockchain-based tokenization platform with clients like BlackRock and participated in a $65 million funding round for Ethereum infrastructure firm ConsenSys in April 2021. Dimon’s comments, which called for a shutdown of cryptocurrency, sparked discussions about the distinction between centralized and decentralized cryptocurrencies. It is worth noting that he has previously referred to decentralized cryptocurrencies as Ponzi schemes. Some critics argue that the decentralized nature of cryptocurrencies makes it challenging for the U.S. government to effectively impose a ban. In response to Dimon’s claims, a Community Notes fact check on X highlighted that less than 1% of cryptocurrency transactions are associated with illicit activities, challenging the notion that cryptocurrency’s primary use case is for criminal purposes. Discover the Crypto Intelligence Blockchain Council

3 months ago
CryptoPotato
CryptoPotato
followers

According to the U.S. Attorney’s Office for the Eastern District of New York, Anatoly Legkodymov, the co-founder of Bitzlato, a Hong Kong-registered virtual currency exchange, has entered a guilty plea for money laundering charges. Initially arrested in Florida, Legkodymov’s case was transferred to New York. Bitzlato Founder Pleads Guilty In a press release dated December 6, 2023, the U.S. Department of Justice (DoJ) disclosed that Legkodymov is responsible for “transporting and transmitting” more than $700 million in illicit funds. The DoJ alleges that Bitzlato served as a major service provider for participants in dark markets and provided a “safe haven for ransomware criminals.” As part of the plea agreement, Legkodymov will dismantle Bitzlato, relinquishing any claim to the seized assets of the crypto exchange, amounting to over $23 million. Reportedly, Bitzlato has connections to Hydra Market, an online illegal narcotic marketplace involved in criminal activities such as money laundering, drug trafficking, the sale of unlawfully obtained financial information, and the creation of fraudulent identities. Bitzlato received over $15 million in ransomware proceeds, asserting that Legkodymov and his team knew criminals were utilizing the exchange. Subsequently, the European Union police entity Europol has made allegations that Bitzlato was involved in laundering funds exceeding $1 billion. Bitzlato Team Members Detained Legkodymov’s arrest on money laundering charges in January 2023 coincided with the U.S. Department of Justice’s announcement of a significant global crypto enforcement action. In addition to Legkodymov, several key figures associated with Bitzlato, including former CEO Mikhail Lunev, marketing director Alexander Goncharenko, contractor Pavel Lerner, and an unnamed dev-ops engineer, were apprehended in various European countries. The arrests occurred as reported by co-founder Anton Shkurenko, who has eluded capture in Moscow and expressed intentions to relaunch the platform. Despite the co-founder’s statement, the main website displayed a notice indicating that French prosecutors seized it as of December 7. Bitzlato was designated a “primary money laundering concern” by the Department of the Treasury’s Financial Crimes Enforcement Network earlier in the year. In January, French authorities seized Bitzlato’s infrastructure. The post Bitzlato Co-founder Pleads Guilty to AML Violations, Agrees to Dismantle Exchange appeared first on CryptoPotato.

3 months ago
Cointelegraph
Cointelegraph
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JPMorgan CEO Jamie Dimon is being hauled over the hot coals on crypto X (Twitter) after claiming Bitcoin (BTC) and cryptocurrency's “only true use case” is to facilitate crime. “The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance,” Dimon said in a hearing before the United States Banking Committee on Dec. 5. "If I were the government, I'd close it down." But crypto pundits quickly pointed out the seeming hypocrisy in Dimon’s statements, highlighting that JPMorgan is the second largest penalized bank, having paid $39.3 billion in fines across 272 violations since 2000, according to Good Jobs First’s violation tracker. About $38 billion of these fines came under Dimon’s watch, who commenced as CEO in 2005. "Talk about being a fucking hypocrite!" said crypto lawyer John Deaton in a Dec. 6 post on X.  “Jamie Dimon is in no position to criticize Bitcoin with this sort of track record,” said VanEck strategy adviser Gabor Gurbacs, who noted that banks worldwide have paid $380 billion in fines this century. Talk about being a fucking hypocrite! Who’s the criminal Jamie Dimon? Let me ask you a question: In the last 5 years when @jpmorgan has been FINED over THIRTY FIVE BILLION DOLLARS ($35,000,000,000) for illicit and fraudulent activities, did any of your staff use #Bitcoin or… https://t.co/DF2B4SkbwD — John E Deaton (@JohnEDeaton1) December 6, 2023 The Dimon-led bank agreed to a $75 million settlement with the U.S. Virgin Islands in September over allegations that it enabled and financially benefitted from Jeffrey Epstein’s sex trafficking operation between 2002 and 2005 — it should be noted that settlements aren’t admissions of guilt. Ten years ago, the bank paid the largest fine in its corporate history at $13 billion in October 2013 for fraudulently misleading investors over “toxic” mortgage deals. Toxic Investments are ones that fall in value significantly, causing the market to collapse. Several JPMorgan traders were also investigated for manipulating various metals futures markets between 2008 and 2016 and agreed to pay nearly $1 billion to settle the investigation in September 2020. Penalties paid by JPMorgan over various violations. Source: Good Jobs First. JPMorgan was also at the center of the largest cocaine bust in U.S. history when 20 tons or 18,140 kilograms of cocaine, worth $1.3 billion, was seized in July 2019 on a ship reportedly owned by a fund run by JPMorgan. Jamie Dimon seems confused… He says the only people who use #Bitcoin are criminals, traffickers, and money launderers…But he’s actually just describing JP Morgan and their clients. pic.twitter.com/KKh9m63nAa — Walker⚡️ (@WalkerAmerica) December 7, 2023 Dimon says he’d shut crypto down, but JPMorgan has its own token The JPMorgan CEO said, “If I was the government, I’d close it down,” in a concluding statement to U.S. Senator Elizabeth Wallet at the hearing, referring to Bitcoin and cryptocurrency. However, despite being “deeply opposed” to the digital asset sector, Dimon and JPMorgan recently launched its own crypto token — JPM Coin — on a private version of the Ethereum blockchain, for its institutional client base. The bank also rolled out a blockchain-based tokenization platform in October, with BlackRock as one of its clients. It also contributed to a $65 million funding round for Ethereum infrastructure firm Consensys in April 2021. Related: JPMorgan subsidiary Chase UK to restrict crypto transactions However, it could be presumed that Dimon was distinguishing between cryptocurrencies with a centralized force behind them and ones that don’t, as he has referred to decentralized currencies as ponzi schemes in the past. Bankless also criticised Dimon’s comments, explaining that the U.S. government cannot impose an effective ban on Bitcoin or the cryptocurrency sector due to its decentralized nature. Dimon’s comments triggered a Community Notes fact check on X, stating that less than 1% of cryptocurrency transactions are illicit. Added context to Dimon’s comments X’s Community Notes. Source: X. Magazine: Lawmakers’ fear and doubt drives proposed crypto regulations in US

3 months ago
Coinpedia
Coinpedia
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The post The Binance Crackdown: A New Era of Crypto Surveillance and Regulation appeared first on Coinpedia Fintech News In a historic move, Binance, the world’s largest cryptocurrency exchange, has agreed to a groundbreaking settlement with US regulators, signaling a seismic shift in the crypto industry’s relationship with government oversight. This decision is poised to transform Binance from a regulatory outlier into a paragon of compliance, offering a detailed look into its past and present dealings. Under the terms of its settlement with the US Department of Justice and the Treasury Department, Binance will grant US regulators and law enforcement agencies extensive access to its transaction records. This includes a comprehensive review of transactions from 2018 to 2022 for potential violations of US law, marking a significant departure from the company’s previous stance of minimal regulatory compliance. Implications for Binance’s Customers Binance’s commitment to scrutinize past transactions and report any suspicious activities places its customer base under an unprecedented level of surveillance. This shift not only impacts those engaged in illicit activities but also raises privacy concerns among its vast user community. The settlement mandates a “24/7, 365-days-a-year financial colonoscopy,” as described by John Reed Stark, a former SEC attorney. The Binance Crackdown Will Be an Unprecedented Bonanza for Crypto SurveillanceBinance’s settlement requires it to offer years of transaction data to US regulators and cops, exposing the company — and its customers — to a 24/7, 365-days-a-year financial colonoscopy.Per Wired:… pic.twitter.com/RBd4QWKSpF — John Reed Stark (@JohnReedStark) December 6, 2023 For Binance, non-compliance with this agreement could result in substantial penalties, including the possibility of criminal charges against its executives. The settlement, which includes a record-breaking $4.3 billion fine, reflects the serious consequences of flouting US financial regulations. Adapting to this new level of regulatory scrutiny will be a significant challenge for Binance, a company that thrived on its laissez-faire approach to regulation. The company’s chief compliance officer, Noah Perlman, expresses optimism about setting new compliance standards in the industry, emphasizing the importance of removing concerns of illicit finance to encourage mainstream crypto adoption. Also Read – Can Binance Ex-CEO Changpeng Zhao Return to UAE? Judge’s Verdict Awaited Post-Guilty Plea Impact on Financial Privacy and Regulation The Binance settlement is indicative of a broader trend towards increased government oversight in the cryptocurrency space. Advocates of financial privacy, such as the Human Rights Foundation and the Electronic Frontier Foundation, view this as an overreach that could set a precedent for future regulation of the industry. As Binance prepares to implement these stringent compliance measures, other crypto exchanges are likely to face similar pressures. The Binance case could become a benchmark, forcing exchanges worldwide to reconsider their approach to regulatory compliance and customer data privacy.

3 months ago
TheVRSoldier
TheVRSoldier
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TLDR Binance Coin faces bearish pressure following criminal charges against the exchange and former CEO. BNBs’ price fell below $230. NuggetRush has raised over $700,000 in its ongoing presale and is poised for a 4,000% bullish run.   Amidst uncertainties and FUDs in the Binance community, the Binance Coin (BNB) fell below $230. Meanwhile, NuggetRush (NUGX), a new P2E memecoin, is experiencing rapid growth in its presale. At the time of writing, this top ICO has raised a substantial $700,000 and is gaining traction fast. This article will explore notable developments in the crypto space, covering BNB and NuggetRush. Let’s dive in. >> Buy NuggetRush Now << NuggetRush (NUGX): One of the Best Coins to Invest in—Over $700,000 Raised NuggetRush (NUGX) is one of the few projects in the spotlight. It stands out for its fascinating combination of P2E, GameFi, and meme. The presale raising over $700,000 comes as little surprise. Among the new ICOs on the market, it stands out for its real-world utility and dedication to charity and the community. As a play-to-earn platform, players will enjoy a thrilling gameplay experience and earn rewards. These collected in-game assets, including NFTs, can be traded on the marketplace and exchanged for gold or cash. Although the presale is in its early stages, investing is safe and secure. The smart contract audit has been completed by SolidProof and passed with flying colors.  More importantly, the smart contract will be renounced after launch. This means the team will no longer have control over it, as ownership will be transferred to the community. Hence, it will be both trustless and transparent. The presale is in its third stage, and a token is reasonably priced at $0.013. From its current price, experts predict there will be a 4,000% increase, positioning it as the best new crypto to invest in. You can become an early adopter and position yourself for staggering growth by following the link below. >> Buy NuggetRush Now <<  Binance Coin (BNB): Fall Below $230 Binance Coin (BNB) is the utility token of the Binance crypto exchange, the largest in the world at the moment. The token is used for exclusive token sales and facilitating transactions. At the moment, BNB is one of the top altcoins on the market. However, due to uncertainties surrounding the Binance exchange and the former CEO, Changpeng Zhao, the BNB token has seen a considerable decline. Last week, CZ and Binance pleaded guilty to criminal charges and money laundering violations in the ongoing lawsuit against the US Department of Justice (DOJ). As part of the settlement, the former CEO had to step down. He will also pay $200 million in fines and face a maximum sentence of 10 years in prison. To drop these criminal charges, the DOJ requested a staggering $4.3 billion fine from the exchange. With this lawsuit still ongoing—besides the SEC’s—there has been intense bearish pressure around BNB. It recently fell below $230 and might likely dip even further in the coming days. Nevertheless, as one of the top crypto coins available, BNB is predicted to weather these unsettling storms. Conclusion After a substantial drop, the price of Binance Coin (BNB) is currently below $230. This decline was brought on by uncertainty surrounding the Binance exchange. Meanwhile, a new initial coin offering, NuggetRush (NUGX), is stealing the spotlight and is primed for explosive growth. Visit NuggetRush Presale Website Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here. Photo by Vadim Artyukhin on Unsplash

3 months ago

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