Cryptocurrency

The US regulators on Monday sued the leading blockchain and cryptocurrency for allegedly breaking trading and derivatives rules. In a statement, CZ said that they have been working cooperatively with the CFTC for over two years. Upon an initial review, the complaint appears to contain an incomplete recitation of facts.

According to the filing, the exchange has never registered with the CFTC and has "disregarded federal laws" that govern US financial markets, including laws designed to prevent and detect money laundering and terrorism financing. Moreover, the CFTC noted that the company's monthly revenue earned $1.14 billion from derivatives transactions in May 2021, up from $63 million in August 2020.

"We are aware of an issue impacting spot trading on Binance. All spot trading is currently temporarily suspended as we work to resolve this as soon as possible. New updates will be shared here," the company tweeted. Moreover, the CEO of Binance, Changpeng Zhao from his Twitter account @cz_binance shared an update saying that the crypto exchange "encountered a bug on a trailing stop order".

Kwon, the wanted co-founder of Terraform Labs behind a multibillion-dollar crash of the firm's cryptocurrency last year, was arrested in Montenegro in the US. An eight-count indictment against Kwon was made public in the US District Court in Manhattan after his arrest, reports said. Meanwhile, South Korean prosecutors said on friday.

Jarek Jakubcek, Head of Law Enforcement Training at Binance said that "our goal is to build a safe blockchain ecosystem for all users." "In 2023, Binance will continue supporting and expanding initiatives such as the Global Law Enforcement Training Program and Joint Anti-Scam Campaign," he added. The crypto exchange increased the.

Silvergate, a traditional bank founded in 1987, lent out most of its funds to crypto exchanges and the collapse of $32 billion FTX run by Sam Bankman-Fried (SBF). "In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward," the bank said in a statement.

This was announced through a gazette notification, issued on March 7. The step has been taken to tighten misuse of digital assets. Government in the gazette has warned investors against "participation in and provision of financial services related to an issuer's offer and sale of a virtual digital asset".

Singh pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finance laws. Bankman-Fried, along with Gary Wang, co-founder of FTX, and Caroline Ellison, the former head of FTX's sister hedge fund Alameda Research, have all pleaded guilty in the ongoing case.

Rahul, a commerce second year student in Jaipur, invested Rs 5,000 and got Rs 1 lakh plus in return a few months later in 2022. Soon after, his cousins and friends started investing their pocket money into it and the trend continues even today. His cousin also invested a huge amount, however the currency tumbled soon after. It was his college fees and he had to face problems.

Binance chief strategy officer Patrick Hillmann told the Wall Street Journal that the exchanges' executives were "unfamiliar with laws and rules written surrounding bribery, corruption and money laundering". "Binance is working with regulators to figure out what are the remediations we have to go through now to make amends for that," he was quoted as saying in the report.