Crypto Exchange Bitsonic CEO, Exec Reportedly Face Jail Term
Reportedly, for plundering 10 billion South Korean won ($7.5 million) worth of customer deposits, the CEO of cryptocurrency exchange Bitsonic has received a seven-year prison sentence, the firm’s CTO also received a one-year sentence. The Korean District Court imposed a seven-year prison sentence on Jinwook Shin, according to a February 6 report by the Yonhap […]
FTX Saga Concludes as Fed Ends Action Against Farmington Bank
In concluding enforcement proceedings against Farmington State Bank, the Fed ends the FTX saga, stating regulatory challenges posed by crypto. The enforcement action against Farmington State Bank, a former financial institution affiliated with the defunct cryptocurrency exchange FTX, has been formally terminated by the Federal Reserve. This follows a federal investigation into the bank’s operations […]
Binance Launches USDC-Margined SUI Perpetual Contract, Boosting SUI Price
Binance Futures adds a new USDC-margined SUI Perpetual Contract with up to 50x leverage, attracting more traders and investors to the SUI market and driving its price up. The USDC-margined SUI Perpetual Contract is a new product offered by Binance Futures, the futures trading platform of Binance, the world’s largest cryptocurrency exchange. The contract allows […]
FTX, Alameda-Linked Wallets Transfer $38.8M Worth of Digital Assets
Since January 2024, cryptocurrency wallets associated with the defunct FTX exchange and its subsidiary, Alameda Research, have transferred over $38.8 million of digital assets to multiple other cryptocurrency exchanges. Wallets affiliated with both organizations transferred a minimum of $7 million to exchanges in February, according to data tracking by blockchain analytics firm PeckShield. On February […]
Zipmex to Suspend Services Temporarily in Thailand
Thailand’s Securities and Exchange Commission (SEC) has issued a temporary suspension order for digital asset trading and brokerage services on the cryptocurrency exchange Zipmex. The SEC stated in a supplemental filing on February 2 that Zipmex had fifteen days to rectify “its financial position and operational deficiencies,” as the financial regulator had previously mandated. The […]