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☆ Bitcoin outlook: Crypto may be in a bull market now, but investors should still tread carefully
▼ + stars: | 2023-04-02 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +8 min

The case for a new crypto bull market has been slowly growing since the beginning of the year and gained more strength still in March. For Orsini, the new bull market in crypto began on Jan. 13, when bitcoin broke through its 200-day moving average. "But an enduring secular bull market will have clarity and regulation underpinning it." "When that framework gets introduced you're going to be closer to the beginning of a secular bull market." Less liquidity, bigger swings Bull market or not, investors agree it'll be no straight line up over the next few months.

☆ Hong Kong’s Crypto Ambitions Get a Boost From U.S. Crackdown
▼ + stars: | 2023-04-01 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

Ambre Soubiran, CEO of Kaiko, a digital assets data provider that plans to build a team in Hong Kong with customer-facing roles. HONG KONG—Hong Kong’s attempt to attract cryptocurrency companies is getting help from an intensifying crackdown by American regulators. The city was once home to a number of prominent companies, including Crypto.com, BitMEX and now-bankrupt FTX. But increasing competition from Singapore, concerns about China’s tough approach to crypto and Hong Kong’s prolonged and strict response to Covid-19 meant many companies in the sector left.

☆ Stocks bounced back in the first quarter, but it’s too early to celebrate
▼ + stars: | 2023-03-31 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

The broad-based S&P 500 seesawed throughout the quarter, ending January on a high note before tumbling in February, rising again in March and ultimately ending the quarter up about 7%. The tech-heavy Nasdaq made a remarkable resurgence, soaring nearly 17% in its best quarterly gain since the fourth quarter of 2020. That comes after a tough 2022 for tech stocks, as investors sought out less risky avenues to ride out turbulence from the Fed’s interest rate hike campaign. Bond prices rose as investors wagered that the Federal Reserve won’t raise rates as high as previously expected due to the banking crisis. Wall Street largely shrugged it all off, however, with stocks recouping their losses — and then some — as investors started snapping up tech stocks, boosting the broader equity market.

☆ Stocks bounced back this quarter, but it’s too early to celebrate
▼ + stars: | 2023-03-31 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

☆ Premarket stocks: Banking chaos has been bittersweet for crypto and wine
▼ + stars: | 2023-03-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But it also gave the fine wine and crypto industry a big boost as panicking investors rushed out of the financial sector and into alternative assets. Bittersweet banking: SVB lent over $4 billion to winery clients since 1994, with over 400 wine industry clients (including wineries, vineyards and vendors) working with the bank’s premium wine division, according to the bank’s website. Recent SEC filings, meanwhile, indicated SVB had about $1.2 billion in outstanding loans to high-end wine clients when the bank collapsed. Circle, the company behind popular stablecoin USDC, said it had about $3.3 billion of its $40 billion in reserves at SVB. The collapse of Signature Bank, a major crypto lender, also had serious implications for the industry.

☆ Sam Bankman-Fried pleads not guilty to new federal charges
▼ + stars: | 2023-03-30 | by ( Kara Scannell | ) edition.cnn.com time to read: +2 min

New York CNN —Sam Bankman-Fried, the founder of failed cryptocurrency trading platform FTX, pleaded not guilty to five new federal charges of fraud and conspiracy, including one count of conspiring to bribe Chinese government officials. An attorney for Bankman-Fried entered the plea on his behalf of his client, who was seated beside him in the New York courtroom Thursday. He previously pleaded not guilty to eight other charges stemming from what prosecutors have described as one of the biggest financial frauds in US history. In the latest indictment, prosecutors alleged that Bankman-Fried sought to pay off Chinese officials to unfreeze accounts belonging to his hedge fund, Alameda Research. Three of Bankman-Fried’s former business partners — Gary Wang, Caroline Ellison and Nishad Singh — have pleaded guilty to numerous charges and are cooperating with investigators.

☆ Yellen says US bank rules may be too loose, need to be re-examined
▼ + stars: | 2023-03-30 | by ( David Lawder | ) www.reuters.com time to read: +5 min

REUTERS/Mary F. CalvertWASHINGTON, March 30 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Thursday that banking regulation and supervisory rules need to be re-examined in the wake of the Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) failures to ensure current banking system risks are addressed. Yellen said a 2018 roll-back of bank capital requirements and stronger supervision for smaller and mid-size banks with assets below $250 billion should be re-examined. She added that regulatory reforms put in place after the 2008 financial crisis have helped the U.S. financial system weather shocks, including the COVID-19 pandemic. adding that the financial system was significantly stronger than it was 15 years ago. The multi-regulator Financial Stability Oversight Council's restored Hedge Fund Working Group will continue to monitor risks and develop policy recommendations, Yellen said.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSBF pleads not guilty to latest charges, and OKX to turn over some frozen FTX assets: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Alex McDougall, the CEO of Stablecorp, weighs in on all of this month's digital asset developments, including the collapse of crypto-friendly banks Silvergate and Signature as well as the CFTC's lawsuit against Binance.

☆ 'Dr. Doom' economist Nouriel Roubini says the 'crypto apocalypse is coming' as SEC chair Gensler asks for more funding to catch bad actors
▼ + stars: | 2023-03-30 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Nouriel Roubini says a "crypto apocalypse is coming," rooting for the downfall of the industry again on Thursday. Roubini cited a report that the SEC chief wants more funding to stop bad actors. The famed economist cited recent reports that US Securities and Exchange Commission chairman, Gary Gensler, is seeking more funding to police misconduct in the space. "Finally the SEC will have the [funding] to go after all the other crypto - and other - crooks," he wrote. Gensler added: "As the cop on the beat, we must be able to meet the match of bad actors.

NEW YORK, March 29 (Reuters) - The U.S. Securities and Exchange Commission (SEC) charged crypto firm Beaxy.com and several executives for registration failures on Wednesday, expanding regulators' push to rein in the industry. That structure, which is common throughout the crypto industry, is one that the SEC's chair has criticized for conflicts of interest and risks to investors. On Monday, the Commodity Futures Trading Commission sued Binance, accusing the world's largest crypto exchange of violating rules preventing illegal activity. The next day, prosecutors in New York added a Chinese bribery charge to their fraud case against Sam Bankman-Fried, who founded the now-bankrupt crypto exchange FTX. Another man, Brian Peterson, was accused of acting as an unregistered dealer by providing marketing services to Beaxy.

Bankman-Fried is expected to be arraigned on the new indictment on Thursday before U.S. District Judge Lewis Kaplan in Manhattan federal court. The new indictment said Bankman-Fried ordered the $40 million cryptocurrency payment to a private wallet from Alameda's main trading account, to persuade Chinese government authorities to unfreeze Alameda accounts with more than $1 billion of cryptocurrency. Prosecutors said the Alameda accounts had been frozen as part of an investigation into an unnamed Alameda counterparty, and Bankman-Fried's prior efforts to lobby Chinese officials to lift the freeze were unsuccessful. They also said Bankman-Fried around November 2021 authorized a transfer of tens of millions of dollars of additional cryptocurrency to "complete" the bribe. Concerns that Bankman-Fried might tamper with witnesses prompted Kaplan to threaten jailing him unless tighter restrictions could be worked out.

☆ Asia is 'very likely' to become the center of gravity for digital assets, tech company says
▼ + stars: | 2023-03-29 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAsia is 'very likely' to become the center of gravity for digital assets, tech company saysDave Chapman of BC Technology Group says the United States is a "very difficult region to navigate from a regulatory standpoint."

☆ Experts from Amberdata, Custodia Bank, and United States for Kraken discuss the role digital assets are going to play in the future of finance
▼ + stars: | 2023-03-29 | by ( Elizabeth Wood | ) www.businessinsider.com time to read: +4 min

Today's financial system is growing, transforming, and increasingly focused on the adoption of digital assets. Shawn Douglas, cofounder and CEO of Amberdata, said that, "Digital assets are the "financialization of the internet," citing blockchain to safeguard real-world assets and, in digital rights management (like NFTs) as examples. CEO of Custodia Bank, Caitlin Long, believes the role of digital assets exists in the payments world. There are, of course, challenges to adopting digital assets including concerns about centralized banks and government agencies. Throughout the conversation, Hirsch remained focused on the potential digital assets have to enable greater freedom globally.

☆ The CFTC's suit against Binance marks a deepening crackdown on the crypto industry
▼ + stars: | 2023-03-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

All this comes just days after the SEC charged a spate of high-profile individuals for fraud and crypto market manipulation. That comes months after the total crypto market value saw about $2 trillion erased in a brutal plunge in token prices. The SEC also warned that the platforms investors use to get involved in crypto aren't quite airtight, in the regulator's view. In other news:FILE PHOTO: A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua Reuters2. The World Bank just warned that this could be the start of a "lost decade" for global economic growth.

☆ Binance boss CZ shows what he thinks of the trading violations lawsuit with an enigmatic tweet: '4'
▼ + stars: | 2023-03-28 | by ( ) www.businessinsider.com time to read: +2 min

Binance boss Changpeng Zhao "CZ" Photo by Pedro Fiúza/NurPhoto via Getty ImagesBinance boss CZ showed what he thinks of trading violations lawsuit with an enigmatic tweet: "4"He was referring to one of his four principles: "Ignore FUD, fake news, attacks, etc." CZ said he eats his company's "dog food" by storing his personal crypto on his exchange. Binance boss Changpeng Zhao showed what he thinks of the Commodities Futures and Trading Commission (CFTC) lawsuit against him and the exchange with a cryptic, enigmatic tweet of the number "4." I eat our own dog food and store my crypto on Binance.com," he said. In other words, if a company's dog food is as high quality as advertised, it should be good enough for its employees to eat.

☆ Binance 'could be in big trouble' as the CFTC lawsuit alleges the crypto behemoth dodged regulators and breached laws
▼ + stars: | 2023-03-28 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +10 min

Binance is being blow-torched from all angles as US regulators close in on the world's largest crypto exchange. The CFTC sued the exchange this week for violating US financial laws, whilst some reports suggest Binance has engaged in secret fund transfers. On Monday, the Commodities Futures and Trading Commission (CFTC) sued Binance and Zhao himself, for allegedly breaching US financial laws. Following the shocking implosion of Sam-Bankman Fried's FTX exchange late last year, concerns have risen whether Binance faces similar risks. If US authorities decide the links meant the crypto exchange had control over the US platform, it could expose the company to enforcement action.

☆ 'Dr. Doom' economist Nouriel Roubini says the crypto industry is a 'total criminal enterprise' riddled with market manipulation
▼ + stars: | 2023-03-28 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Nouriel Roubini said crypto markets are chock full of criminal activity and manipulation. The famed economist described the industry as a "criminal enterprise" in a Tuesday tweet. The famed economist said in a tweet on Tuesday the trillion-dollar industry is chock full of "constant market manipulation" and a "total criminal enterprise." Earlier this month, he celebrated the downfall of banks that cozied up to the crypto industry. After Silicon Valley Bank, Signature Bank, and Silvergate failed, Roubini ratcheted up fiery commentary with a simple message: "Good riddance."

☆ Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges
▼ + stars: | 2023-03-27 | by ( Rohan Goswami | ) www.cnbc.com time to read: +4 min

Beyond disgorgement and any monetary costs, the CFTC filing asked the court to impose further relief, including trading and registration bans. Just days prior to the CFTC filing, CNBC reported on how Binance employees worked to subvert the exchange's compliance controls in China, using some of the same techniques that the CFTC alleges Binance to solicit U.S. users. "Do not directly tell the user to run," Binance instructed its VIP team, the filing alleged. The CFTC filing alleges that Binance engaged in similar activity for its U.S. users. But, Zhao posted a tweet that said "4" in an apparent response to the CFTC filing.

March 27 (Reuters) - Major cryptocurrency exchange Binance and executives, including CEO and founder Changpeng Zhao, have been sued by the U.S. Commodity Futures Trading Commission (CFTC) for regulatory violations, according to a court filing on Monday. Binance's compliance program has been "ineffective" and the firm, under the direction of Zhao, told employees and customers to go around compliance controls, the CFTC said. It also accused Binance's former Chief Compliance Officer Samuel Lim of aiding and abetting Binance's violations. "For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. Its core Binance.com exchange, the world's biggest, processed trades worth about $23 trillion last year, according to data provider CryptoCompare.

The CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of U.S. law, "while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit." "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Zhao said in a statement. Firms such as brokers that facilitate U.S. customers' trading of such products are required to register with the agency. 'PIRATE SHIP'Founded in Shanghai in 2017, Binance sits at the heart of the global crypto industry. With a holding company based in the Cayman Islands, Binance has never revealed the location of its core exchange.

☆ You may owe taxes on your crypto investments — here are 3 things to know
▼ + stars: | 2023-03-25 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

Since 2014, the IRS has treated virtual currency as property for federal income tax purposes, according to the agency's website. Similar to stocks, crypto is subject to IRS rules surrounding capital gains and losses. That means that if you earned a profit by selling your crypto for more than what you purchased it for, you'll owe capital gains tax on the difference. The IRS allows investors to use capital losses to offset taxable capital gains. Additionally, capital losses can be used to reduce your regular taxable income by up to $3,000 per year if your capital losses exceed your annual capital gains.

☆ How this 26-year-old went from running bitcoin trading desks in Taco Bells to creating the largest crypto exchange in Africa
▼ + stars: | 2023-03-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +28 min

Yellow Card CEO Chris Maurice just before meeting with the Securities and Exchange Commission in Accra, Ghana. Chris MauriceFrom there, Yellow Card users can send or receive digital cash in eligible markets. Zoom In Icon Arrows pointing outwards Yellow Card CEO Chris Maurice in Accra, Ghana loading cash onto his Mobile Money account, MoMo. Yellow Card has facilitated $1.75 billion in transactions since launching in 2019 and has about 220 employees – mostly in Africa. A resident checks his phone outside a mobile money kiosk in the Kibera district of Nairobi, Kenya, on Monday, Aug. 1, 2022.

Discussions between the SEC and Coinbase broke down in recent weeks, with one source saying the two sides had moved "further apart." The crypto industry believes it operates in a regulatory gray area not governed by existing U.S. securities laws - and that new legislation is needed to regulate the industry. "But if necessary, we welcome the opportunity for Coinbase and the broader crypto community to get clarity in court." Prior to Gensler's arrival, the SEC engaged in targeted enforcement, but the Democratic chair has ratcheted up focus on crypto platforms themselves. "There couldn't be a more significant development for crypto markets and crypto investors," said Philip Moustakis, former SEC enforcement lawyer and partner with Seward and Kissel LLP in New York.

☆ Crypto firm Animoca Brands cuts target for new fund again -sources
▼ + stars: | 2023-03-24 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

Animoca Brands said in November that it was working on a new Animoca Capital fund with a target of $2 billion, but then halved that target in January to $1 billion. Recently, it has trimmed the target by another 20% to $800 million, two people familiar with the matter said. Latest data on the platform show that the company’s market cap stood at just under 1.9 billion Australian dollars ($1.26 billion) earlier this week. A spokesperson for Animoca Brands declined to comment on its fund raising plans. Animoca Brands was removed from the Australian Securities Exchange in 2020 by the regulator because of its aggressive expansion into the cryptocurrency industry.

☆ US prosecutors charge crypto Terra founder Do Kwon with fraud following his Montenegro arrest
▼ + stars: | 2023-03-24 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

US fraud prosecutors charged Terraform Labs CEO Do Kwon hours after his arrest in Montenegro. Kwon created two cryptocurrencies TerraUSD and its sister affiliate Luna that lost $40B last year. Prosecutors at the US attorney's office in New York have slapped an eight-count indictment against Kwon, including securities fraud, wire fraud, commodities fraud and conspiracy, according to a Reuters report. The criminal case comes after the US Securities and Exchange Commission charged Kwon and Terraform Labs with alleged fraud last month. The collapse of his Singapore-based Terraform Labs and that of the TerraUSD stablecoin sparked a broader crypto sell-off and wreaked havoc in the digital asset sector.

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