Cryptocurrency News Today TheBitTimes.com

Changpeng Zhao (aka CZ), who was convicted for not abiding by anti-money laundering laws and violating the Bank Secrecy Act, has been granted a new legal clean slate, with President Donald Trump providing the founder and former Binance CEO a pardon. CZ was forced to resign from his executive position at the world’s biggest crypto exchange in 2023. Binance was also forced to pay the largest fine to the US government in history. The reason for the pardon wasn’t spelled out for the public. However, according to the Wall Street Journal, White House press secretary Karoline Leavitt said that Trump had “exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency.” Changpeng Zhao says WSJ was paid to smear him Read more: Binance wants a Trump partnership and a pardon for CZ, report There are no laws here, only unenforceable rules What CZ’s pardon makes clear — as if it w...

Justin Sun, founder of the TRON blockchain, numerous stablecoins, owner of Poloniex, and adviser to HTX, has been celebrating a recent Chinese court victory against Chongqing Business Media Group. However, the question is, will the win benefit him outside of the Mainland? The odds are that it absolutely will not. According to a Chongqing court , Chongqing Business Media Group claimed that Sun was under investigation by the FBI and was suspected of insider trading. The court , however, found these claims to be “entirely unsubstantiated,” handing Sun victory on the grounds of defamation. Many of the claims originated in a Verge article from March of 2022 and since its publication, none have been retracted . Protos has previously reported on Sun’s false claims of diplomatic immunity and purported fixation on no moderation policies at BitTorrent. Scoop: Justin Sun falsely claimed diplomatic immunity in lawsuit Read more: Scoop: Justin Sun shot down BitTorrent moderatio...

Uzbekistan regulators have said that the popular Hamster Kombat clicker game is not banned in the country, but withdrawing in-game coins could have legal consequences. This Telegram-based game has amassed over 200 million players globally within weeks as its popularity soars across Russia, Ukraine, Uzbekistan, and the rest of Eastern Europe. The Uzbekistan National Agency for Perspective Projects (NAPP), which regulates the crypto industry, noted that Hamster Kombat was not a play-to-earn game. The in-game coins earned by players lack collateral and utility, unlike cryptocurrencies. Furthermore, the in-game coins are not based on blockchain, making them non-crypto assets. However, according to the regulator, if Hamster Kombat decides to adopt blockchain technology, these coins will qualify as crypto assets. The NAPP noted that it can only regulate the game if it switches to blockchain. “As long as the accounting units of the Hamster Kombat game do not have a blockchain, the ...

The Federal Bureau of Investigation ( FBI ) in the United States has issued an alert warning Americans that it has “recently conducted law enforcement operations against cryptocurrency services which were not licensed in accordance with federal law” and that US ers “may encounter financial disruptions during law enforcement actions.”  These financial disruptions could include “losing access to funds after law enforcement operations target those businesses.” Specifically, the alert warns against using any money services businesses (MSB) that are not appropriately registered, and further highlights the risk of those “that do not collect know your customer (KYC) information from customers.” It’s not clear which recent law enforcement operations the alert is referring to but it comes on the heels of the recent indictment of the founders of the Samourai Wallet Bitcoin mixing service in the Southern District of New York. Who are S...

Sam Bankman-Fried, the former chief exec of FTX and owner of Alameda Research, has been sentenced to 25 years in prison today, according to reporting from Inner City Press.  This sentence comes after a jury found him guilty of multiple felony offenses, including wire fraud, conspiracy to commit fraud, and money laundering conspiracy. Both FTX and Alameda Research declared bankruptcy following the misappropriation of billions of dollars of funds by Bankman-Fried and his co-conspirators.  Bankman-Fried’s defense has claimed that the losses from these collapsed firms should not be considered, stating that the bankruptcy was likely to have a full recovery. Current FTX CEO John J. Ray III said this was “categorically, callously, and demonstrably false.”  Inner City Press reported that Judge Kaplan agreed with Ray’s characterization, claiming the defense’s argument was misleading .  Judge Kaplan: I reject the defense's argument about loss, both ...

What Bitcoin Did Podcast host Peter McCormack has prevailed against dubiously self-proclaimed Bitcoin inventor Craig Wright in the UK’s supreme court. The High Court of Justice denied Wright’s bid for an appeal of his loss against McCormack after a three-judge panel ruled that Wright’s appeal did not sufficiently specify an “arguable question of law.” Permission to appeal was refused by three Supreme Court justices, Lord Briggs, Lady Rose and Lord Richards, on grounds the appeal did not raise an arguable question of law. This is the end of the line for Wright's substantive claim against me. 5 years of hell over, a small… — Peter McCormack (@PeterMcCormack) January 25, 2024 UK High Court justices deny Craig Wright’s appeal. McCormack had been fighting the lawsuit against the BSV promoter for half a decade. He previously alleged that Wright committed libel while also highlighting the Australian businessman’s various failures to provide convincing evidence of his c...

After a prolonged legal battle, XRP gained partial regulatory clarity when the court declared it not a security in the Securities Exchange Commission (SEC) case, a factor anticipated to boost its price. However, while there was an initial surge post-legal clarity, XRP later corrected to align with the broader market. In this line, pro-Ripple lawyer Bill Morgan, in an X (formerly Twitter) post on November 29, expressed his surprise and concern over the seemingly sluggish price performance of XRP compared to other major cryptocurrencies.  Morgan raised questions about the peculiar market behavior of XRP even after the digital asset obtained legal clarity following a period of scrutiny by the SEC. He suggested that XRP would have likely maintained a growth trajectory similar to other cryptocurrencies without the legal case.  “Wow. I never realized XRP’s price performance was this poor compared to other major coins and not only compared to Bitcoin and Ethereum. It...

Digital Currency Group reports a 23 percent rise in Q3 revenue to $188 million and reports notable repayments to bankrupt crypto lender Genesis.  Digital Currency Group (DCG) has announced a robust 23 percent year-over-year increase in its third-quarter revenue , bringing the total to $188 million, up from last year’s $153 million. First reported by Bloomberg, the figures were mentioned in an investor communication, revealing an EBITDA of $69 million for the period. DCG attributes its financial uptick to a revitalized cryptocurrency market, which has been in recovery mode this year after a major downturn in 2022. Today, Bitcoin rallied over $35,000, its highest price this year. The resurgence is driven in part by growing anticipation that U.S. regulatory authorities will soon greenlight the country’s inaugural spot Bitcoin ETFs. You might also like: Crypto-related stocks soar as Bitcoin gains 10% on the day DCG’s legal troubles continue amid growth While its ...

The legal industry has risen as a major beneficiary amid the financial downturn of several prominent cryptocurrency firms, garnering hundreds of millions in fees. According to a report on Sep. 5, professionals , including lawyers, accountants, and consultants, have amassed at least $700 million from the bankruptcy cases of major crypto entities in the past year. This substantial figure encompasses the fees incurred from the bankruptcy proceedings of five notable crypto companies: FTX, Celsius Network, Voyager Digital, BlockFi, and Genesis Global, from July 5, 2022, to July 31, 2023. As these cases continue to evolve, the total amount is expected to surge, especially with the forthcoming trial of Sam Bankman Fried in October. The data indicates that the legal experts engaged in the FTX case have been the primary beneficiaries, billing a cumulative amount of $326 million. Sullivan & Cromwell, the law firm overseeing FTX’s bankruptcy, has invoiced over $110 million in legal...

On Aug. 30, Binance informed users via its in-app notification about its intended discontinuation of the BUSD stablecoin support in early 2024. Binance intends to cease support for the BUSD stablecoin. The move indicates a shift in Binance’s operations amidst ongoing legal battles. As Paxos has halted minting of new BUSD, #Binance will now gradually remove support for the stablecoin on our platform. BUSD will always remain backed 1:1 by USD, and we continue to support a wide range of other stablecoins. Find more details below. — Binance (@binance) August 31, 2023 In a statement released to the public by Binance on Aug. 31, Binance confirmed its commitment to maintain support for various stablecoins and digital assets within its platform. However, users are advised to convert their BUSD holdings into other assets offered on Binance before February 2024 for a smooth transition. The exchange has also assured users their BUSD balances can be traded for First Digital USD...