Fidelity ready to File Spot Bitcoin ETF

In a move that further validates the growing interest in cryptocurrency, asset manager Fidelity is set to file for a spot Bitcoin exchange-traded fund (ETF). Joining the ranks of other major players in the financial industry, Fidelity’s decision underscores the increasing demand for regulated investment vehicles tied to digital assets.  Quick facts: According to a … Read more

UK Legal Body recommends using Crypto as Collateral

The U.K. Law Commission, an independent body funded by the Ministry of Justice, has unveiled a groundbreaking recommendation that could revolutionize the use of cryptocurrency as collateral in the country.  Quick facts: The proposal involves the creation of a tailored legal framework specifically designed to address the unique challenges and requirements associated with crypto assets.  … Read more

EU Agrees on Capital Requirements for Banks Holding Crypto Assets

In a move to address the growing influence of cryptocurrencies in the traditional financial sector, EU lawmakers have reached a consensus on the implementation of capital requirements for banks that hold crypto assets. Quick facts: The decision comes as part of a transitional prudential regime aimed at ensuring the stability of the financial system while … Read more

FTX Debt Recovery Efforts Yield $7B Amid Investigative Challenges

In a major breakthrough, the ongoing debt recovery efforts by FTX, a prominent cryptocurrency exchange, have resulted in the retrieval of approximately $7 billion in liquid assets, as revealed in a recent investigative report. While this represents a significant milestone in addressing the exchange’s outstanding debt, it still falls short of the substantial $8.7 billion … Read more

FTX Executives Allegedly Lavishly Funded Unrelated Ventures using Customer funds

Former executives of FTX, a well-known cryptocurrency exchange, have faced allegations of channeling funds toward ventures unrelated to their core business. Among these ventures is the notable “Pineapple House,” an extravagant expenditure amounting to an astonishing $1.8 million.  Quick facts: The allegations, outlined in an investigative report by FTX restructuring chief and CEO John Ray, … Read more

Binance to Withdraw its License Application in Austria

In the latest blow to Binance, the world’s largest cryptocurrency exchange by trading volume, its European expansion campaign faces increasing hurdles as the company struggles to obtain licenses in a number of countries.  Quick facts: Binance has reportedly withdrawn its application for registration with the Austrian Financial Market Authority (FMA). According to FinanceFWD, a German … Read more

$26M in Assets Tied to Terraform Labs Co-Founder Do Kwon Frozen

Swiss prosecutors have taken a significant step in the ongoing legal saga surrounding Do Kwon, the co-founder of Terraform Labs, by freezing approximately $26 million worth of cryptocurrencies and US dollars believed to be associated with him and his associates.  Quick facts: The asset freeze comes as a result of requests made by the New … Read more

Binance’s Market Dominance Dwindles as Regulatory Woes Take a Toll

Binance, a major force in the cryptocurrency exchange space, is now facing a significant decline in market share due to a series of regulatory hurdles.  Quick facts: The world’s largest crypto exchange has been grappling with various legal challenges and regulatory actions, resulting in a substantial erosion of its market dominance. According to Bloomberg, Binance’s … Read more

Haru Invest Executives, Face Travel Ban in South Korea Over Fraud Allegations

Executives from the crypto yield platform Haru Invest have been hit with a travel ban by South Korean prosecutors amidst ongoing fraud allegations. This development adds to the growing concerns surrounding the cryptocurrency industry as the collapse of FTX and the subsequent arrest of its CEO, Sam Bankman Fried, send shockwaves through the global financial … Read more

What Did Sam Bankman Fried Do? Is he going to Jail?

Until the summer of 2022, Sam Bankman-Fried was widely recognized as a prodigious figure in the world of cryptocurrency. At the age of 30, he founded one of the largest cryptocurrency exchanges globally, earning him the reputation of a prodigious and innovative entrepreneur.  Behind Bars or Redemption? The Fate of Sam Bankman-Fried Quick facts: Not … Read more