Binance CEO Responds to CFTC Civil Complaint: Allegations Incomplete and Inaccurate

> Binance CEO Changpeng Zhao has responded to the recent civil complaint filed against the company by the US Commodity Futures Trading Commission (CFTC), stating that the allegations in the complaint are inaccurate and incomplete.
> Zhao said, "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint."
> The company claims to have developed the best technology in the industry to ensure compliance and remains one of the few global exchanges with mandatory Know-Your-Customer (KYC) programs.
> Zhao stated, "Binance.com has developed best-in-class technology to ensure compliance...We are aware of no other company using systems more comprehensive or more effective than Binance." More here.

Proposed Sale to Binance.US: A Staggering $1 Billion Deal Put on Hold

A United States federal judge has granted the government's request to temporarily suspend Voyager Digital Ltd.'s bankruptcy plan, pausing the proposed sale of the cryptocurrency lending company to Binance.US.
> According to court documents, US District Judge Jennifer Rearden approved the government's request for a stay on the appeal of Voyager's recently approved bankruptcy plan on Monday, with a detailed opinion set to be released soon.
> This development is a setback for Voyager, which has been attempting to emerge from bankruptcy and reimburse its customers since filing for Chapter 11 protection last year.
> The intended sale to Binance's US subsidiary is valued at approximately $1 billion, a figure that largely represents the worth of Voyager's customer accounts. Details here.

FTX Founder Sam Bankman-Fried Agrees to New Bail Conditions Following Wire Fraud and Money Laundering Charges

Sam Bankman-Fried, the founder of FTX crypto exchange, has agreed to new bail conditions with US prosecutors, as per court documents filed on Monday.
> The conditions, which were initially proposed earlier this month, follow suspicions that Bankman-Fried attempted to contact witnesses while on bail.
> He has pleaded not guilty to charges of wire fraud and money laundering and is set to stand trial in October.
> The new conditions, which were submitted for approval to District Judge Lewis Kaplan of the Southern District of New York, include restrictions on Bankman-Fried's use of electronic devices.
> He will be provided with a new phone that does not have internet access and is limited to text messages and voice calls. Continue here.

Hong Kong Regulators Host Round-Table Discussion to Boost Financing for Crypto Firms

Hong Kong is taking measures to position itself as a hub for virtual assets, as the city's regulators plan to hold a round-table discussion between crypto firms and bankers on April 28.
> The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) are jointly organizing the session "to facilitate direct dialog" and "share practical experiences and perspectives in opening and maintaining bank accounts.”
> Hong Kong has been skeptical of the crypto industry for years but recently unveiled a plan to make itself a center for digital assets and Web3 firms.
> However, the industry has been grappling with the challenge of establishing proper banking relationships, including basic needs such as payroll accounts, due to strict know-your-customer and anti-money laundering regulations. Full report here.

FTX Founder Sam Bankman-Fried Hit with New Bribery Charges by US Prosecutors

On Tuesday, US prosecutors revealed a new indictment against Sam Bankman-Fried, accusing the founder of the now-bankrupt FTX cryptocurrency exchange of conspiring to bribe Chinese government officials with $40 million worth of payments.
> According to federal prosecutors in Manhattan, Bankman-Fried directed the payment to unfreeze accounts belonging to his hedge fund, Alameda Research, which held over $1 billion of cryptocurrency that Chinese authorities had frozen.
> As per the new indictment, the accounts were unfrozen after the bribe payment was transferred around November 2021 from Alameda's main trading account to a private cryptocurrency wallet.
> Bankman-Fried then authorized the transfer of tens of millions of dollars of additional cryptocurrency to complete the bribe, prosecutors said. More here.

Royal Mint Shelves Proposed Non-Fungible Token Launch, Keeping Proposal Under Review

The UK Treasury has abandoned plans to launch a non-fungible token (NFT) as part of a broader effort to establish the country as a leading hub for crypto innovation.
> The initiative, which was proposed by then-Chancellor of the Exchequer and current Prime Minister Rishi Sunak in the spring of 2022, was unveiled by the Royal Mint.
> At the time, the British government was also working to bring stablecoins within a regulatory framework to be used as a recognized form of payment.
> However, in a written response to questions posted on the UK Parliament's website on Monday, Treasury Minister Andrew Griffith confirmed that the Royal Mint is "not proceeding with the launch of a Non-Fungible Token at this time but will keep this proposal under review." Full report here.

Galaxy Digital CEO: US Banking Crisis Gives Crypto Industry 'Adrenaline Shot

During Galaxy Digital's fourth-quarter earnings call, CEO Michael Novogratz stated that the recent US banking crisis has provided an "adrenaline shot" to the crypto industry and highlighted the "unbelievable resilience" of the bitcoin community.
> Novogratz stated that "There is nothing like a banking crisis in the United States ... to remind you that our systems are fragile. We have been on a debt orgy, literally, gorging ourselves with cheap money for years."
> Despite Galaxy Digital reporting a net loss of $1 billion in 2022, missing analyst estimates, the company expects to turn a profit in the first quarter of 2023 and make positive gains on its balance sheet. More here.

Bitcoin Stabilizes Around $27,000 Amid CFTC Lawsuit Against Binance and Changpeng Zhao

Bitcoin remained steady at around $27,000 as investors pondered the potential repercussions of the U.S. Commodity Futures Trading Commission's (CFTC) lawsuit against Binance and its founder Changpeng Zhao over alleged violations including running an illegal exchange and a "sham" compliance program.
> As of the time of writing, BTC was trading at approximately $27,225, up around 1% in the last 24 hours.
> Earlier in the day, the largest cryptocurrency by market capitalization had fallen to as low as $26,669. BTC dropped from highs above $28,000 following the CFTC lawsuit's filing on Monday, and it has fallen by 3% over the last week.
> Meanwhile, Ether, the second-largest cryptocurrency by market value, was recently exchanging hands at around $1,772, representing an increase of nearly 4%.
> Ripple's XRP token price, a crypto payment platform, increased over 10% on Tuesday to 52 cents, its highest level in five months.

Terra Co-Founder Do Kwon Expresses Surprise at Arrest, Claims VIP Treatment During Time on the Run

Days after his arrest, Terra co-founder Do Kwon has expressed surprise at his arrest and claimed that he received VIP treatment during his time on the run after the Terra ecosystem's collapse.
> Interior Minister Filip Adzic confirmed that Kwon and his companion were taken aback by their arrest, stating in an interview that "Do Kwon and his companion acted especially surprised and told our officials that elsewhere in the world they had been used to VIP treatment."
> "Terra co-founder Do Kwon arrested in Montenegro after being on the run since ecosystem collapse,” Interior Minister Filip Adzic said.
> He added that Kwon and companion were surprised by arrest, despite claiming VIP treatment elsewhere. Full report here.