Kraken's SEC Clash; Milei's Bitcoin Boost; Binance's $4B Deal With DOJ; Celsius' SEC Hurdle; Tether's Massive Freeze; Surging Crypto Fund Inflows
GLOBAL NEWS
SEC Sues Kraken for Alleged Violations of Securities Laws
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against cryptocurrency exchange Kraken, accusing it of operating as a broker, dealer, exchange, and clearing agency without proper registration. This alleged breach of securities laws, according to the SEC's filing in the U.S. District Court for the Northern District of California, has exposed investors to risks and enabled Kraken to amass billions in fees and trading revenue.?
Javier Milei's Presidential Victory in Argentina Sparks Surge in Bitcoin Prices
Javier Milei has been elected as the president of Argentina, triggering significant impacts in the realms of traditional finance and cryptocurrencies. Following Milei's confirmation as the leader of South America's second-largest economy, Bitcoin's value soared to its highest level in over 18 months, approaching $38,000. Milei, known for his unconventional views, has praised Bitcoin as a symbol of monetary power returning to the private sector. With Argentina grappling with the Argentine Peso's hyperinflation and devaluation issues, the global financial community is keenly watching how Milei's presidency might influence the country's cryptocurrency landscape and monetary policies.
U.S. DOJ Seeks $4 Billion from Binance to Settle Criminal Probe
The U.S. Department of Justice (DOJ) is reportedly negotiating a settlement with cryptocurrency exchange Binance, demanding over $4 billion to conclude an ongoing criminal investigation. According to Bloomberg News, the settlement talks involve the potential for Binance CEO Changpeng 'CZ' Zhao to face criminal charges related to allegations of money laundering, fraud, and sanctions violations.?
SEC Demands More Information on Celsius Recovery Plan Amid Bankruptcy?
The recovery efforts of Celsius have encountered a significant obstacle with the U.S. Securities and Exchange Commission (SEC) seeking additional details about the company's assets. As reported by CoinDesk , the SEC's request for more information involves discussions with the Celsius Creditors Committee and Fahrenheit Group. A source familiar with the matter indicated that the SEC's request aims to aid in making a determination regarding Celsius's business aspects. The Creditors Committee now faces the task of deciding how to respond to the SEC's requirements, potentially influencing the future direction of Celsius's recovery plan.
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Tether Freezes $225 Million in USDT Linked to Southeast Asian Human Trafficking Group
In a significant move, Tether announced it has "proactively and voluntarily" frozen approximately $225 million worth of USDT in wallets connected to a human trafficking organization in Southeast Asia. This action, marking the largest freeze of USDT to date, was part of an investigation involving the U.S. Department of Justice (DOJ) and cryptocurrency exchange OKX, with blockchain analysis tools from Chainalysis aiding the process. The investigation, lasting several months, enabled Tether and OKX to assist U.S. law enforcement in tracing the illicit funds on the blockchain. Tether clarified that the frozen wallets were part of the secondary market and not linked to its direct customers.
Crypto Fund Inflows Continue Growth Trend with $176 Million Last Week
Crypto asset managers, including CoinShares, Bitwise, Grayscale, ProShares, and 21Shares, witnessed a collective inflow of $176 million last week, marking the eighth consecutive week of growth . According to the latest report from CoinShares, this addition elevates the year-to-date inflows to $1.32 billion. Significantly, Exchange-Traded Product (ETP) volumes are averaging 11% of the total crypto market volume, a substantial increase from the historical average of 3.4%. Weekly trading volumes have now reached an average of $3 billion, doubling the $1.5 billion weekly average earlier this year.?
RAIN NEWS?
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Spotlight article:
US Is Seeking More than $4 Billion From Binance to End Case