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☆ Crypto execs have complaints about the SEC and CFTC. Here's how Chainalysis' policy head believes the industry can find common ground with US regulators.
▼ + stars: | 2023-04-12 | by ( April Joyner | ) www.businessinsider.com time to read: +4 min

The US may not embrace crypto, but it needs clear regulation, Chainalysis' policy head told Insider. The CFTC recently sued Binance, whose compliance head critized regulators at an industry event. Chainalysis' policy head says Congress needs to pass crypto-specific legislation. Similar complaints abounded throughout the Links conference, an industry event recently held by Chainalysis in New York. She pointed to other areas, including Dubai and Switzerland, that have created policy frameworks specifically for digital assets, including crypto.

ORLANDO, Florida, April 10 (Reuters) - Hedge funds started the second quarter positioning for a steeper U.S. yield curve by offloading 10-year U.S. Treasuries futures at one of the fastest rates on record. In one way, betting on a steeper 2s/10s yield curve indicates funds are hoping the trend of recent weeks continues - the curve steepened around 33 basis points in March, the biggest monthly steepening in a decade. The difference is, that was driven by a massive "bull-steepening," buying two-year futures when the banking shock forced funds to cover their near-record short position. In the week through April 4 funds increased their 10-year Treasuries futures net short position by almost 150,000 contracts. A short position is essentially a wager that an asset's price will fall, and a long position is a bet it will rise.

NEW YORK/WASHINGTON, April 10 (Reuters) - A Goldman Sachs & Co (GS.N) unit has agreed to pay $15 million to settle U.S. Commodity Futures Trading Commission (CFTC) charges that it failed to make proper disclosures and communicate fairly to swap customers, the regulator saidon Monday. In 2015 and 2016, Goldman opportunistically sold clients on so-called "same-day" swaps at times that financially benefited the bank and hurt the customers, the CFTC said in a settled order. The firm did not disclose key marks to customers for assessing the swap's value and did not communicate to them in a fair and balanced manner, the regulator said. By depriving clients of transparency into the relative value of the swaps it was offering, Goldman violated CFTC's business conduct standards for swap dealers, the regulator said. The "CFTC will aggressively pursue swap dealers that violate these business conduct standards" that promote fairness in the swaps market, enforcement director Ian McGinley said in a statement.

☆ US regulator orders Goldman Sachs to pay $15 mln for violations of swap business standards
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, April 10 (Reuters) - The U.S. Commodity Futures Trading Commission ordered banking group Goldman Sachs (GS.N) to pay $15 million for violations of swap business conduct standards, the agency said in a statement on Monday. The CFTC said it found that Goldman failed to disclose dozens of pre-trade mid-market marks and also failed to communicate to clients in a fair and balanced manner based on principles of fair dealing and good faith, in violation of regulations. Reporting by Kanishka Singh in Washington Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Binance's US arm struggles to find bank to take its customers' cash- WSJ
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +1 min

April 8 (Reuters) - The U.S. arm of cryptocurrency exchange Binance is struggling to find a bank to handle its customers' cash after the failure of Signature Bank (SBNY.PK) last month, the Wall Street Journal reported on Saturday, citing people familiar with the matter. Previously, the deposits were sent to either Signature Bank or Silvergate Capital Corp (SI.N), both seen as crypto-friendly banks. However, after both failed, the exchange is rushing to find a new banking partner, according to the report. The company has unsuccessfully tried to establish relationships with Cross River Bank and Customers Bancorp Inc (CUBI.N), the report said, adding that banks are reluctant due to concerns over regulatory risk. Reporting by Akanksha Khushi in Bengaluru; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Binance's US arm struggles to find bank to take its customers' cash, Wall Street Journal reports
▼ + stars: | 2023-04-08 | by ( ) www.reuters.com time to read: +1 min

He had told Oxford Gold that he wanted to "get the lay of the land" ahead of picking up a $9 million order for 151 gold kilo bars. But most unusual was that Mancuso wanted to pick up the order from the Oxford Gold office, the source said. The next day, Mancuso contacted Oxford Gold about buying $9 million worth of gold, and the company agreed to sell him 151 gold kilo bars. But Oxford Gold was alerted on December 2 that this was a fraudulent transaction, said a source with direct knowledge. Unsure what to do, Oxford Gold contacted the Beverly Hills Police Department, and eventually got in touch with the FBI, this source said.

ASIC on Thursday cancelled the Australian financial services licence of Oztures Trading Pty Ltd, trading as Binance Australia Derivatives (Binance), in response to a request from the company. “Our targeted review of these matters is ongoing, including focus on the extent of consumer harms.”The financial services licence authorised Binance to issue derivatives and foreign exchange contracts. Noting many cryptocurrency products and services are not regulated by ASIC, Longo said the regulator supported a "regulatory framework" for the asset class. Binance said in a statement it had decided to pursue a "more focused approach" in Australia after "recent engagement with ASIC". The world's largest cryptocurrency exchange is battling regulatory suits and probes around the world.

Binance's Australian derivatives license was canceled at the crypto exchange's own request, the Australian Securities & Investments Commission said Thursday, after the regulator had begun a "targeted review of Binance" in February. Binance's exchange token was down just under 0.5% Thursday morning. Binance's regulatory scrutiny has been mounting in recent weeks and months. An apparently inadvertent compliance issue led to the Australian regulatory probe. Australia's top securities regulator has had a challenging relationship with the crypto industry in recent months, pursuing enforcement actions against several firms which the regulator alleges have violated Australian law.

☆ Energy trader Gunvor posts record $2.36 bln net profit in 2022
▼ + stars: | 2023-04-05 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Companies Gunvor Group Ltd FollowLONDON, April 5 (Reuters) - Gunvor Group posted a record net profit of $2.36 billion in 2022 with a strong performance across all trading desks, the energy trader said in a statement on Wednesday. Gunvor's rivals also had a bumper year amid high price volatility and as Russia's war in Ukraine reshaped global commodity flows, with Vitol and Mercuria previously posting record net profits of $15 billion and $2.98 billion, respectively. Gunvor said its trading volumes fell to 165 million tonnes in 2022 from 240 million tonnes the previous year, due primarily to reduced trading in natural gas, but expected volumes to rebound in the coming year. "The performance was broad-based across all geographies and all desks, including refining and shipping," Gunvor said. Last month, CEO Torbjorn Tornqvist told Reuters that it was considering whether to book a provision in the 2022 year.

Wednesday's talks were the first high-stakes meeting between the government of President Emmanuel Macron and union bosses since nationwide protests and strikes against the legislation started in mid-January. The talks, ahead of a new day of walkouts and marches planned for Thursday, lasted about an hour. Borne told reporters that she was open to further talks but that she would not backdown on the retirement age. Labour representatives complain they are not being listened to despite weeks of protest marches and unrest against the pension overhaul. Chabanier said the unions told Borne the only way out of the deadlock was for the government to withdraw the reform.

☆ Crypto exchange Binance expands in Argentina
▼ + stars: | 2023-04-04 | by ( Anna-Catherine Brigida | ) www.reuters.com time to read: +2 min

BUENOS AIRES, April 4 (Reuters) - Crypto exchange Binance, which has been sued by U.S. regulators, said on Tuesday it is expanding services in inflation-hit Argentina, allowing users to buy and sell digital currencies directly with local pesos. Until now, Binance had operated in Argentina only as an intermediary platform to match crypto buyers and sellers. He said local users could transfer pesos to a Binance account and see their balance reflected there in local currency, which would then be usable to buy crypto. As Binance has faced mounting scrutiny from regulators, the exchange has lost some banking partners needed for so-called on-ramp, off-ramp transactions to fiat currencies. "Argentine users know the crypto world," Hinz said.

☆ Bitcoin heads for its third positive month in a row after fighting off U.S. banking crisis and regulatory crackdown
▼ + stars: | 2023-03-31 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Bitcoin is on pace to post its third positive month in a row and best quarter in two years after navigating its first banking meltdown and another regulatory crackdown, while investors weighed the possibility of a new environment for interest rates. The biggest cryptocurrency by market cap has extended its 2023 rally and is on pace to finish the month up more than 22%, which would bring its year-to-date gain to more than 72%. It would also be bitcoin's best quarter since the first quarter of 2021 – which marked the beginning of a big bull run at the time. "The rally has continued in March even after recent bank closures," said Jeff Cantwell, an equity analyst at Wells Fargo. It had dropped back below in a knee-jerk response by investors to the latest crypto crackdown by U.S. regulators, the CFTC's lawsuit against Binance.

☆ CFTC Charges Against Binance Highlight Role of Former Compliance Chief
▼ + stars: | 2023-03-30 | by ( Mengqi Sun | ) www.wsj.com time to read: 1 min

A Binance spokeswoman called the complaint filed by the CFTC ”unexpected and disappointing as we have been working collaboratively with the CFTC for more than two years.”The suit by U.S. regulators against Binance Holdings Ltd. focuses in large part on the work of the cryptocurrency exchange’s former chief compliance officer, alleging he willfully aided and abetted the firm in evading U.S. laws. Samuel Lim, Binance’s compliance chief between 2018 and 2022, faces civil charges of undermining Binance’s compliance program and conducting activities to evade rules designed to prevent illicit financial activity, the Commodity Futures Trading Commission said Monday.

☆ Coinbase said last Wednesday that the SEC issued the company a wells notice
▼ + stars: | 2023-03-30 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase said last Wednesday that the SEC issued the company a wells noticeMad Money host Jim Cramer talks to fmr. CFTC Chair Timothy Massad about the case Binance and the crackdown on crypto.

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.

☆ A key recession indicator suggests the Fed may slash rates soon
▼ + stars: | 2023-03-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

There's another bond market signal flashing and it could mean the Fed's about to step in. The Fed raised short-term interest rates by a quarter percentage point as expected today, with market watchers expecting one more increase this year and three more in 2019. But there are other bond market signs, too, and the recent rally in bonds at the shorter-term end of the Treasury curve may just be the indicator with the most troubling track record. In effect, the bond market is telling us that the Fed could be on the brink of making a policy pivot as the economy falters. Investors are shifting focus back to the Fed's thinking on interest rates, with a PCE inflation update due Friday.

☆ Dollar rebounds as banking fears fade; yen falls on quarter-end flows
▼ + stars: | 2023-03-29 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

NEW YORK, March 29 (Reuters) - The dollar rose against most major peers on Wednesday, reversing some of its recent declines, and gained sharply against the yen, which was volatile as the end of the Japanese fiscal year approaches. Improving risk sentiment and investor hopes that central banks can once again turn their attention toward fighting inflation was helping support the dollar, Given said. The dollar rose to a one-week high against the yen, which remained volatile in the run-up to the end of the Japanese fiscal year on Friday. "A decent amount of USD/JPY flow today is end of quarter related," Monex USA's Given said. The dollar was 1.37% higher at 132.71 yen .

☆ Dollar firmer as banking fears fade; yen sinks on quarter-end flows
▼ + stars: | 2023-03-29 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

"The dollar is trading mixed today with a bit of upside as global risk sentiment improves and central banks can turn their attention back toward inflation," Given said. The dollar rose to a one-week high against the yen , which remained volatile in the run-up to the end of the Japanese fiscal year on Friday. "A decent amount of USD/JPY flow today is end of quarter related," Monex USA's Given said. "Traders are concerned with real money outcomes at the moment, but as global risk sentiment continues to improve, JPY as a traditional haven looks less appealing," she said. The dollar was 1.03% higher at 132.275 yen.

☆ Dollar soothed by uneasy market calm
▼ + stars: | 2023-03-29 | by ( Alun John | ) www.reuters.com time to read: +3 min

The dollar index , which tracks the currency against six peers, was flat at 102.42, giving up small gains of up to 0.3% in the European morning. It has fallen for the past two sessions, and is set for a 2.1% monthly fall, a victim of the market ructions induced by problems in the banking industry. "We have returned to a sense of calm right now, but I don't think it's all over. The dollar touched a one-week high on the yen and was last up 0.7% to 131.85 yen , while the euro gained 0.7% against the yen to 143. The dollar had dropped 0.5% against the yen the previous day, when it uncharacteristically moved in the opposite direction to long-term U.S. Treasury yields, which have been rising as calm returns to markets.

The dollar index , which tracks the currency against six peers, gained 0.15% to 102.64. It has fallen for the past two sessions, and is set for a 2.1% monthly fall, a victim of the market ructions induced by problems in the banking industry. The dollar touched a one week high and was last up 0.8% to 131.99 yen , while the euro gained 0.6% against the yen to 142.9. The dollar had dropped 0.5% against the yen the previous day, when it uncharacteristically moved in the opposite direction to long-term U.S. Treasury yields, which have been rising as calm returns to markets. Reporting by Kevin Buckland; Editing by Shri Navaratnam, Jamie Freed and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Safe-haven dollar sluggish as banking fears ebb; yen drops
▼ + stars: | 2023-03-29 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The dollar index , which tracks the currency against six major peers, edged 0.08% higher to 102.57 in Asian trading, following drops of about 0.3% in each of the past two sessions. The weakness comes despite a rise in U.S. Treasury yields, also the result of ebbing demand for the safest assets. The yen remained volatile in the run-up to the end of the Japanese fiscal year on Friday. The dollar jumped 0.59% to 131.68 yen , and touched a one-week high of 131.80. The yen had dropped 0.5% the previous day, when it uncharacteristically moved in the opposite direction with long-term U.S. Treasury yields.

☆ Binance Sees $2 Billion in Outflows as Troubles Compound
▼ + stars: | 2023-03-29 | by ( Vicky Ge Huang | Dave Michaels | ) www.wsj.com time to read: 1 min

Binance founder Changpeng Zhao said the CFTC complaint is ‘unexpected and disappointing.’Traders are pulling billions of dollars from Binance as problems plaguing the world’s largest crypto exchange continue to mount. The Commodity Futures Trading Commission on Monday sued Binance, alleging the exchange operated illegally in the U.S. and violated rules designed to prevent illicit financial activity. Last week, Binance announced it would charge fees on spot bitcoin trading again after cutting them to zero last summer. It also had to temporarily suspend spot trading for hours while it fixed a software error.

☆ Prosecutors say Binance execs cracked jokes when warned terrorists could be moving money on their platform: 'Can barely buy an AK-47 with 600 bucks'
▼ + stars: | 2023-03-29 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

"Can barely buy an AK-47 with 600 bucks," the Binance employee wrote to their boss, per the CFTC. The complaint said Lim described a Binance compliance audit as a "half assed individual sub audit on geo(fencing)" to "buy us more time." "Yea its fine I can get mgmt to sign," Lim responded, per the CFTC's complaint. "Lim's internal discussions with compliance colleagues illustrate that Binance has tolerated Binance customers' use of the platform to facilitate 'illicit activity,'" said the CFTC's complaint. In a Tuesday statement, Zhao said the CFTC's complaint "appears to contain an incomplete recitation of facts," and disputed "the characterization of many of the issues alleged in the complaint."

Companies Binance Labs FollowLONDON, March 29 (Reuters) - Investors withdrew $1.6 billion of cryptocurrency from crypto exchange Binance since it was sued by the U.S. CFTC on Monday, blockchain data tracker Nansen said on Wednesday. The U.S. Commodity Futures Trading Commission (CFTC) sued Binance - the world's biggest crypto exchange - along with its CEO and former top compliance executive, alleging that they were operating an "illegal" exchange and a "sham" compliance program. Since the lawsuit, Binance has seen $1.6 billion of overall withdrawals and $852 million in the last 24 hours, Nansen said, in a step up from the average of $385 million per day over the last two weeks. Martin Lee, research analyst at Nansen, said that the outflows were higher than usual, but still not as high as Dec. 13, when investors pulled $3 billion from Binance as they grew nervous about the status of Binance's reserves. Reporting by Elizabeth Howcroft, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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