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U.S. Attorney Damian Williams said conspiracy charges against KuCoin and two executives should warn other crypto exchanges that they cannot serve U.S. customers without following U.S. laws. An indictment in Manhattan federal court said the company and its founders tried to conceal the existence of its U.S. customer base. KuCoin was also required to cease New York operations after falsely representing itself as a crypto exchange without registering as a securities and commodities broker-dealer, James said. “KuCoin grew to service over 30 million customers, despite its alleged failure to follow laws necessary to ensuring the security and stability of our world’s digital banking infrastructure,” McCormack said. Three companies doing business as KuCoin were incorporated in the Cayman Islands, the Republic of Seychelles and Singapore.

Persons: Damian Williams, KuCoin, Letitia James, James, Williams, “, ”, Darren McCormack, “ KuCoin, ” McCormack, Johnny, Chun Gan, Ke Tang Organizations: New York, Homeland Security Investigations Locations: U.S, Manhattan, York, New York, China, Cayman Islands, Republic of Seychelles, Singapore

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin maintains $70,000, and KuCoin charged with anti-money laundering violations: 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, Paul Brody, global blockchain leader for EY, discusses the recent resurgence of crypto adoption and what to expect from Ethereum in the near future.

Persons: explainers, Paul Brody, EY Organizations: CNBC Crypto, CNBC

And, in that same earnings call earlier this year, Novogratz said Galaxy hired some traders based in Hong Kong. Just this week, Societe General 's crypto arm received approval by France's financial regulator to offer crypto services, including crypto assets. The next month, Hong Kong implemented a new licensing regime so crypto exchanges can serve retail customers. Hong Kong, in particular, has tried to position itself as an international hub for crypto. Galaxy Chief Investment Officer Chris Ferraro echoed that sentiment in a recent "Crypto World" interview.

Persons: –, Mike Novogratz, Brian Armstrong, Novogratz, Cantor Fitzgerald's Elliot Han, Dean Sovolos, Lily King, Cobo, Owen Lau, Chris Ferraro, Kraken –, Binance, Han, we're Organizations: BlackRock, SEC, Washington, Galaxy, United, Gemini, Payment, Societe, European Union, Crypto, Assets Regulatory Authority, Financial, Oppenheimer, U.S, Coinbase, Huobi, BTC Locations: U.S, Europe, Hong Kong, Abu Dhabi, Dubai, Bermuda, United Arab Emirates, Asia, Gurgaon, India, Singapore, United States, East, VARA, B2C2, Silicon, London, Berlin, China

☆ Ethereum co-founder says ether not a security, compares it to oil after regulator claims
▼ + stars: | 2023-03-23 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The co-founder of Ethereum, Joseph Lubin, hit out at regulators likening the ether cryptocurrency to a security Wednesday, saying it was more akin to a commodity like oil. In an interview with CNBC's Arjun Kharpal at the Paris Blockchain Week Thursday, Lubin said he was "very confident" ether was not a security. If it were treated as such, ether would need to be registered with regulators and subjected to much stricter requirements around pre-clearance and reporting. "It's unfortunate that that sort of side swipe was made, but I don't think it's all that relevant," James said. Ether is different from bitcoin in that it fuels an ecosystem of applications where users can make trades, loans, or buy nonfungible tokens.

☆ Ether hits 2-month low as New York AG labels crypto token as security
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Cryptocurrency token Ether fell to its lowest in two months on Friday after the New York attorney general labeled it a security, bracketing it with assets such as stocks and bonds and fueling fears of a wider regulatory crackdown. New York Attorney General Letitia James on Thursday referred to Ether as a security in her lawsuit against KuCoin for failing to register with the state before facilitating cryptocurrency transactions on its platform. "The situation in Ethereum (the blockchain that underpins Ether) could get real ugly," investment research firm Citron Research tweeted. loadingThe world's second-biggest cryptocurrency token was trading around $1,390, its lowest since January 10. The crypto industry and regulators have been in a tussle over the categorization of crypto assets as securities, which would subject digital asset firms to stricter oversight.

In papers filed with a state court in Manhattan, James is seeking a permanent injunction to stop KuCoin from operating in New York until it complies with the law. KuCoin trails Binance, Coinbase and Kraken in trading volume among cryptocurrency spot exchanges, according to the data company CoinMarketCap. Last month, James sued the CoinEx cryptocurrency platform for failing to register with the state. In January, 10 states including New York secured up to $24 million from the cryptocurrency company Nexo Inc, which they also accused of operating illegally. Reporting by Jonathan Stempel in New York; Editing by Diane Craft and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ As crypto hackers and thieves make off with billions, there's another kind of fraud lurking in the industry.
▼ + stars: | 2023-01-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

I'm sorry to say when you dig deeper into the practices of opaque crypto exchanges, there's little to restore that faith. Timothy Cradle, director of regulatory affairs at Blockchain Intelligence, told Insider that wash trading is market manipulation. NBER researchers estimated that wash trading comprises nearly half of all transactions on Binance, the world's largest crypto exchange by volume. Similarly, KuCoin, another top-five crypto exchange, was estimated to have 52.9% of its transactions consist of wash trading (which the company denied). Are you surprised that the researchers found wash trading to be so rampant a practice?

☆ Binance grabbed 66% of crypto trading volumes on centralized exchanges in the 4th quarter of 2022 as the industry consolidated following the fall of FTX
▼ + stars: | 2023-01-04 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Binance captured 66.7% of all trading volume on centralized crypto exchanges in the last quarter of 2022. Trading volumes on centralized exchanges declined 46.2% last year amid a harsh macro environment and crypto bear market. Even as spot trading volumes on Binance fell 45.3% to $5.29 trillion, the rise in the exchange's market dominance continued throughout 2022. Amid a lengthy crypto bear market, trading volumes on centralized exchanges declined 46.2% in 2022. Volumes across centralized exchanges, or CEXs, stayed well above decentralized exchanges, or DEXs, according to the report.

Accounting firm Mazars Group has suspended all work with its crypto clients, according to its former client and the world's largest crypto exchange, Binance. The decision to cut ties with Binance, KuCoin and Crypto.com comes just after the global accounting firm released "proof of reserve" reports for several digital asset exchanges. A spokesperson from Binance told CNBC in a statement that, "Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance." "Unfortunately, this means that we will not be able to work with Mazars for the moment," Binance said. On Dec. 9, Crypto.com published a proof of reserves audited by Mazars, attesting that customer assets were held on a one-to-one basis, meaning that all deposits were 100% backed by Crypto.com's reserves.

☆ Auditing firm Mazars pauses work for Binance, other crypto clients - Coindesk
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +1 min

Dec 16 (Reuters) - Mazars, the auditing firm working with major cryptocurrency exchange Binance, has paused all work for clients in the crypto industry, news outlet Coindesk reported on Friday, citing an emailed statement from Binance. "Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin, and Binance. Unfortunately, this means that we will not be able to work with Mazars for the moment," a Binance spokesperson said to Coindesk. Binance was this week hit by a surge in outflows, which Binance CEO Changpeng Zhao called "business as usual." Binance also paused withdrawals of a major stablecoin for a period on Monday, blaming delays in the traditional banking system.

☆ Dutch central bank warns that KuCoin operating without registration
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, Dec 15 (Reuters) - The Dutch central bank on Thursday issued a statement saying cryptocurrency exchange KuCoin is operating in the Netherlands without being registered to do so. KuCoin is a subsidiary of a Seychelles-registered company called MEK Global Limited (MGL), the bank said in a statement. MGL "is acting in violation of the law on preventing money laundering and financing terrorism and offering illegal services," De Nederlandsche Bank said. Customers of the exchange are not breaking the law, the DNB said, "but they may have a heightened risk of becoming involved in money laundering and terrorism financing." In August 2021, the DNB issued a similar warning that Binance Holdings Ltd. was operating in the Netherlands without a license.

☆ In bankrupt Lebanon, locals mine bitcoin and buy groceries with tether, as $1 is now worth 15 cents
▼ + stars: | 2022-11-05 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +32 min

Others arrange clandestine meetings via Telegram to swap the stablecoin tether for U.S. dollars in order to buy groceries. In Jan., police raided a small crypto mining farm in the hydro-powered town of Jezzine, seizing and dismantling mining rigs in the process. But mining crypto tokens to earn a living is not for everybody. Younes tells CNBC that he initially moved 15% of his money into bitcoin, and he kept the remaining balance in cash. Lebanon has six bitcoin ATMs — one in Aamchit and five in Beirut, according to metrics offered by coinatmradar.com.

Almost all the funds, some $7.8 billion, flowed between Binance and Iran's largest crypto exchange, Nobitex, according to a review of data from leading U.S. blockchain researcher Chainalysis. The scale of Binance's Iranian crypto flows – and the fact that they are continuing – has not been previously reported. The total volume of Iranian transactions flowing through Binance is far greater than through any other exchange, the data show. The vast majority of the $8 billion in Iranian crypto transactions identified by Reuters involved the main Binance exchange. This October, the Treasury fined Seattle-based crypto exchange Bittrex $24 million for violating sanctions on Iran and other countries by processing crypto transactions worth over $260 million.

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