Crypto News
FASB: Crypto Must Be Recorded At Fair Value Starting 2025
Companies holding significant Bitcoin or Ethereum will soon record the full turbulence of their crypto investments. This is after the Financial Accounting Standards Board published the long-awaited accounting changes recently. Rules requiring "fair value" treatment take effect in 2025; earlier adoption is allowed. It will capture crypto's extreme highs and lows instead of just downward......
Coinbase to Launch Crypto Spot Trading Beyond the U.S.
Coinbase Global is expanding its international cryptocurrency exchange platform to offer spot trading of top coins like Bitcoin and Ethereum. The new spot crypto trading pairs with the USDC stablecoin and will be launched on Thursday, according to Bloomberg. The launch initially focuses on institutional investors. The move comes as Coinbase and other major crypto......
3AC Founder Zhu Su Set to Be Released This Month
Nearly one and a half years after the implosion of prominent crypto hedge fund Three Arrows Capital (3AC), co-founder Su Zhu faced intense questioning this week in a Singapore courtroom. The liquidators sought answers surrounding the firm's dramatic collapse. Zhu was questioned over two days about the details of 3AC's failure and the location of......
El Salvador’s $1M Bitcoin Freedom Visa Expected to Sell Out By Year End
Just one week after its launch, the novel Bitcoin "Freedom Visa" residency program by El Salvador has already received hundreds of inquiries and applications. The latest updates are according to the details shared with CoinTelegraph. $1 million visa grants residency and a pathway to citizenship for 1,000 applicants. Hundreds of inquiries have been received since......
Two Individuals Face Charges in $25 Million Crypto Ponzi Scheme
The U.S. Department of Justice unveiled an indictment recently charging Australian citizens David Gilbert Saffron, 51, and Vincent Anthony Mazzotta Jr., 52, of Los Angeles. The duo were charged with operating a fraudulent crypto Ponzi scheme that ultimately stole over $25 million from victims. The scheme promised victims high returns through an AI-powered automated trading......
KuCoin Settles With New York, Agrees to Pay $22 Million and Exit
New York State Attorney General Letitia James stated on Tuesday that cryptocurrency exchange KuCoin has agreed to pay $22 million to settle a lawsuit brought by the state earlier this year. Moreover, KuCoin was accused of illegally operating in New York without proper registration. As part of the settlement shared by Reuters, KuCoin has agreed......
SBF Defense Lawyer Says It Was Impossible to Win The FTX Case
SBF's decision to deviate from his legal team's strategy during cross-examination became a pivotal point in the FTX trial. According to David Mills, the mastermind behind the defense, this unscripted move might have contributed to the co-founder's legal downfall. Mills, a seasoned legal professional, expressed his dissatisfaction with Bankman-Fried's cross-examination skills. He labeled SBF as......
FIFA to Drop Limited NFTs Offering Access to 2026 World Cup Final
FIFA has announced a new non-fungible token (NFT) drop that will give collectors a rare opportunity to secure tickets to the 2026 World Cup final in North America. 100 ultra-rare NFTs will offer the chance to win tickets to the final match. A total of 900 NFTs are being minted on the Polygon blockchain. "For......
South Korea Proposes Robust Rules to Protect Crypto Users
The South Korea Financial Services Commission (FSC) has released a comprehensive set of crypto rules under the Act on the Protection of Virtual Asset Users. The primary objective is to ensure the safeguarding of virtual asset users and establish a robust framework for orderly virtual asset transactions. The proposed regulations cover a broad spectrum, starting......
SEC Gets Extension to Respond to DEBT Box False Statements
A federal judge issued a rebuke to the Securities and Exchange Commission last week regarding materially false representations made while seeking to freeze $49 million related to DEBT Box. Chief Judge Robert Shelby demanded the regulator explain why it should not face sanctions for harming case integrity after obscuring facts to win an emergency legal......
Senator Elizabeth Warren Calls Crypto A Threat
Senator Elizabeth Warren emphasized the significance of strengthening law enforcement within the cryptocurrency sector during a recent interview with CNBC's Squawk Box. Senator Warren emphasized that a review of the Bank Secrecy Act is necessary to address the issues raised by the cryptocurrency sector. Key Statements: Cryptocurrency is being used for crimes like "terrorist financing"......
VanEck Predicts Bitcoin’s All-Time High, Unveils 15 Major Forecasts
Investment management firm VanEck has released an extensive cryptocurrency outlook containing 15 major predictions for 2024. Spanning market dynamics like Bitcoin exchange-traded funds (ETFs), the Ethereum merge aftermath, regulation, gaming, and more, the analysis paints a vivid picture of what may be in store for the growing digital asset ecosystem. https://twitter.com/vaneck_us/status/1732811502602559912?s=20 The Debut of Spot......
Binance Cancels License Application in Abu Dhabi
Cryptocurrency exchange Binance has withdrawn a last-year application for an operating license in Abu Dhabi, Reuters reported Thursday. This marks the latest regulatory setback for the cryptocurrency exchange as global scrutiny intensifies. A spokesperson said the decision was "unrelated" to Binance's recent $4.3 billion settlement with U.S. authorities over anti-money laundering violations that triggered a......
SEC Nears Bitcoin ETF Approvals: Report
The U.S. Securities and Exchange Commission (SEC) has reportedly progressed to discussing intricate product mechanics with asset managers hoping to launch bitcoin exchange-traded funds (ETFs). The report suggests key approvals may soon emerge. Crediting information from anonymous industry executives, Reuters reported Thursday that talks have advanced from previous levels to substantive details. Areas under review......
Montenegro to Extradite Terra’s Do Kwon to the United States
Montenegro's top justice official privately intends to extradite collapsed crypto firm Terraform Labs founder Do Kwon to the United States instead of his native South Korea, according to people familiar with discussions. Kwon faces criminal fraud charges in both countries regarding the $40 billion downfall of his TerraUSD and Luna tokens in May 2022. He......
Bitzlato Exchange CEO Pleads Guilty to $700,000,000 Money Laundering
The founder of Hong Kong cryptocurrency exchange Bitzlato pleaded guilty this week to operating an unlicensed money-transmitting business that enabled over $700 million in illicit funds. According to a press release by the United States Department of Justice, Anatoly Legkodymov, a Russian national known by aliases including "Tolik" and "Gandalf," admitted the exchange served as......
Robinhood Brings Fee-Free Crypto Trading to Europe
Robinhood is set to launch commission-free crypto trading in the European Union (EU), marking its second international foray within a week. Following the recent debut of its stock-broking services in the UK, the popular trading app is now set to enable European investors to seamlessly buy and sell over 25 cryptocurrencies. These include notable cryptocurrencies......
Will Bitcoin ETF Approval Be a ‘Sell-the-News’ Event? Analyst Breaks Down Why BTC Surged Past $44,000
Market conditions have turned favorable for Bitcoin, which has once again surged past the $44,000 mark. It reached a high of $44,408 before settling back at $44,100. The price surge has been attributed to the upcoming approval of a Bitcoin spot ETF by the Securities and Exchange Commission (SEC), according to a recent analysis. QCP......
JPMorgan CEO States He Would Shut Down Crypto If Given the Power
JPMorgan Chase CEO Jamie Dimon sparked fresh crypto controversy this week when he urged lawmakers to outright ban Bitcoin. He cited a few issues, including rampant usage by criminals. Testifying Wednesday before a Senate Banking Committee hearing, Dimon claimed cryptocurrencies serve as an aid for criminals, drug traffickers, and other illegal activities. Read more: Binance......
Binance To Compensate Users After Euro Stablecoin AEUR’s Abrupt Price Spike
Cryptocurrency exchange Binance announced a compensation plan for traders affected by sudden volatility in its euro-pegged stablecoin AEUR. The incident occurred early on December 6th, when AEUR experienced a 200% price surge. The sudden surge decoupled its price from the intended 1:1 backing with the euro. Binance suspended AEUR trading pairs within hours to stabilize......
