Top Stories This Week
Kraken reaches $30M settlement with SEC over staking as IRS seeks user information
Kraken has agreed to stop offering staking services or programs to United States clients after reaching an agreement with the U.S. Securities and Exchange Commission (SEC). Along with ceasing operations, the crypto exchange will pay $30 million in disgorgement, prejudgment interest and civil penalties. The SEC claims that Kraken failed to register the program as a securities offering. The move has sparked controversy within the SEC. Commissioner Hester Peirce has publicly rebuked her own agency over the shutdown, arguing that regulation by enforcement “is not an efficient or fair way of regulating” an emerging industry.
FTX CEO testifies on ‘pure hell’ post-bankruptcy days at exchange
John Ray, who took over as CEO of crypto exchange FTX, has described in a court hearing some of the chaotic experiences at the firm following the company declaring bankruptcy. According to Ray, there was “not a single list of anything” related to bank accounts, income, insurance or personnel, causing a “massive scramble for information.” As the bankruptcy proceedings continue, the names of two guarantors who signed off on part of Bankman-Fried’s $250 million bail bond will remain withheld for now, after a last-minute appeal. In another headline, a federal judge denied a joint agreement between Bankman-Fried’s legal team and prosecutors that would allow him to use certain messaging apps, including Facebook Messenger.
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Binance to temporarily suspend bank transfers in US dollars
Binance has temporarily suspended deposits and withdrawals of United States dollars (USD) through bank accounts. The suspension was not explained, and no other trading methods will be affected. The freeze applies only to international users, as Binance.US claims that its customers will not be affected. The crypto exchange giant has been facing banking challenges…
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