Tag

Cryptocurrency Legal

All articles tagged with #cryptocurrency legal

cryptocurrency-legal1 year ago•2 min saved

FTX Founder Sam Bankman-Fried Appeals 25-Year Fraud Conviction

Sam Bankman-Fried, founder of FTX, has filed an appeal against his 25-year prison sentence and fraud conviction related to misappropriating around $10 billion in customer money at the cryptocurrency exchange FTX and a related hedge fund, Alameda Research. The appeal will be heard by the 2nd Circuit U.S. Court of Appeals in Manhattan, but the odds of having the conviction overturned are low. Bankman-Fried's lawyer did not immediately respond to a request for comment. Four other top executives at FTX and Alameda previously pleaded guilty, and one of them is due to be sentenced soon.

via CNBC|

#appeal #cryptocurrency-exchange #cryptocurrency-legal

cryptocurrency-legal1 year ago•3 min saved

"Sam Bankman-Fried Reflects on Sentencing and Crypto Dream"

Sam Bankman-Fried, the founder of FTX, expressed remorse in an exclusive interview with ABC News after receiving a 25-year prison sentence for fraud related to the collapse of the cryptocurrency exchange. He acknowledged making bad decisions that led to FTX's insolvency and expressed regret for the losses suffered by customers, employees, and charities. Bankman-Fried plans to appeal his conviction, citing unfair trial proceedings and the defense's inability to present crucial evidence. He emphasized his desire to make a positive difference in the world but acknowledged that he is unable to do so from prison.

via ABC News|

#cryptocurrency #cryptocurrency-legal #fraud

cryptocurrency-legal1 year ago•1 min saved

"DOJ Charges KuCoin with Money Laundering Violations and ETH Designated as Commodity by CFTC"

The US has charged KuCoin, a major cryptocurrency exchange, with violating anti-money laundering laws by failing to vet customers and allowing billions of dollars in illicit funds to be transferred since its founding in 2017. The exchange's founders, Chinese nationals Chun Gan and Ke Tang, have also been charged with conspiracy. KuCoin has stated that it respects the laws and regulations of various countries and strictly adheres to compliance standards. Additionally, the US Commodity Futures Trading Commission has filed a civil lawsuit against KuCoin for failing to register its futures and swaps activities with the regulator.

via Reuters|

#anti-money-laundering #compliance-standards #cryptocurrency-exchange

cryptocurrency-legal1 year ago•7 min saved

KuCoin and Founders Charged with AML Violations by US Government

The prominent global cryptocurrency exchange KuCoin and two of its founders have been criminally charged with operating an unlicensed money transmitting business and violating the Bank Secrecy Act by failing to maintain an adequate anti-money laundering program. The indictment alleges that KuCoin deliberately concealed the fact that substantial numbers of U.S. users were trading on its platform and failed to implement basic anti-money laundering policies, allowing the exchange to be used as a haven for illicit money laundering. The founders, CHUN GAN and KE TANG, remain at large, and the charges carry potential maximum sentences of up to 10 years in prison.

via Department of Justice|

#bank-secrecy-act #cryptocurrency-exchange #cryptocurrency-legal

cryptocurrency-legal2 years ago•2 min saved

"Appeals Court Orders Independent Examiner in FTX Bankruptcy Case"

A federal appeals court has ordered the appointment of an independent examiner in the bankruptcy case of FTX, a multibillion-dollar cryptocurrency exchange, amid concerns about widespread fraud preceding its collapse. The court reversed a previous ruling and agreed with the U.S. bankruptcy trustee that an examiner should be appointed to review FTX’s financial affairs and business operations, including allegations of unprecedented fraud. The ruling comes as FTX co-founder Sam Bankman-Fried awaits sentencing after being convicted on wire-fraud and conspiracy charges, with several other former FTX executives also pleading guilty to similar charges.

via The Associated Press|

#appeals-court #bankruptcy #cryptocurrency