Sunday, March 3, 2024
Home > customer

Kraken Accused by SEC of Operating Unregistered Platform, Improperly Mixing Customer Funds

"Similarly, Kraken has held at times more than $5 billion worth of its customers’ cash, and it also commingles some of its customers’ cash with some of its own," the suit said. "In fact, Kraken has at times paid operational expenses directly from bank accounts that hold customer cash." Source

Read More

Swan Bitcoin to terminate customer accounts that use crypto-mixing services

Bitcoin (BTC) services platform Swan Bitcoin warned its customers that it would be forced to terminate accounts found interacting with crypto-mixing due to the regulatory obligations of its partner banks. Customers were informed about the policy in a letter suggesting the changes are due to the United States Financial Crimes Enforcement

Read More

LedgerX highlights CFTC regulatory gap in customer asset rules

The U.S. Commodity Futures Trading Commission (CFTC) has focused its attention on how companies handle customer assets. Nevertheless, this fresh regulation does not fully encompass the innovative model of the crypto platform LedgerX, leaving key operational aspects subject to regulatory oversight.Regarding regulations, the recent CFTC proposal seeks to enhance the

Read More

Ex-FTX Unit LedgerX in Gray Area Beyond U.S. CFTC Proposal on Customer Funds: Commissioner

Friday's proposal, which details how regulated firms must only put customer assets into an expanded list of the most liquid of investments, doesn't consider "the context of a non-intermediated clearing model where the DCO offers direct client access to its clearing services, without the FCM as an intermediary," said CFTC

Read More

FTX legal consultants turned over customer trading records to FBI

Multiple FBI offices have received data on FTX customer accounts from Alvarez & Marsal, a law firm advising the now-defunct crypto exchange under bankruptcy administrators led by litigation veteran John Ray III. Alvarez & Marsal reportedly transferred the data to some five Federal Bureau of Investigation (FBI) field offices in compliance

Read More

Russian bank begins tracking customer crypto activities

By tracking crypto transactions, the Russian government seemingly wants to make a regulatory field for state corporations to enter the market. A Russian bank has started tracking its customers’ activities in crypto as the government desires to form regulatory conditions for state corporations to enter. In an interview with Russia’s state newspaper,

Read More

‘Every customer solution’ will be integrated with AI: Microsoft CEO Satya Nadella

Microsoft looks set to go all-in on artificial intelligence, with CEO and chairman Satya Nadella outlining intentions to integrate AI with essentially all its customer solutions and every layer of tech stacks. The firm has made several significant AI plays in 2023, with its partnership with OpenAI and its web

Read More

FTX founder misled in-house lawyers on Alameda; use of customer funds

Prosecutors called FTX general counsel Can Sun to the stand following financial forensics and evidence of internal communications potentially implicating Sam Bankman-Fried in criminal wrongdoing at his crypto exchange and trading firm, Alameda Research. Expert testimonies from a Notre Dame Alumni and an FBI analyst in United States v Sam Bankman-Fried

Read More

FTX Diverted Customer Funds to Buyback Stake from Rival Company Binance

It was disclosed that FTX customers’ money was spent on business investments, political and charity donations, and real estate. Beleaguered cryptocurrency exchange FTX spent customer’s deposits for business investments, political contributions, charitable donations, real estate, and the buyback of shares from competitor exchange Binance. During a hearing on Wednesday at the ongoing

Read More