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On Jan. 5, 2023, the state of New York and attorney general Letitia James filed a lawsuit against Alex Mashinsky, the co-founder and former CEO of Celsius. The lawsuit claims that Mashinsky and Celsius defrauded “hundreds of thousands of investors, including more than 26,000 New Yorkers, out of billions of
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The lawsuit accuses the ex-CEO of the cryptocurrency lender of making many false claims about the number of Celsius users, its strategies to recruit investors and the nature of what it was investing in, claiming its money went to safe, low-risk investments with reliable businesses. The suit also accused him
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Coinbase has agreed to pay a $100 million settlement with the New York Department of Financial Services (NYDFS), according to a consent order signed by the NYDFS superintendent Adrienne Harris on Jan. 4, 2023. New York’s financial regulator said compliance problems were detected and the exchange’s anti-money laundering controls were
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"Today Coinbase and NYDFS have come to an agreement to settle a NYDFS investigation, disclosed in our 2021 annual 10K filing, into our historical compliance program," wrote Paul Grewal, Coinbase's Chief Legal Officer, in an email to CoinDesk. "Coinbase has taken substantial measures to address these historical shortcomings and remains
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Defunct crypto exchange FTX paid a retainer of $12 million to bankruptcy lawyers as security for payment of its fees and expenses amid Chapter 11 bankruptcy proceedings, shows a court filing dated Dec. 21.Sullivan & Cromwell LLP (S&C), a law firm headquartered in New York City, received $12 million from
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The New York state Department of Financial Services (DFS) released guidance on Dec. 15 for regulated banks seeking to engage in activities with virtual currency. The guidance, which took effect immediately, describes the application process and “summarizes the types of information the Department considers relevant” for obtaining the agency’s approval.The
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New guidance from the state department of Financial Services sets a 90-day advance notice period for state banks wishing to offer crypto-related services. Original Source
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Amid the ongoing FTX bankruptcy proceedings, court documents indicate that media firms such as Bloomberg, the New York Times (NYT), Dow Jones & Company, and the Financial Times (FT) want the redacted information tied to FTX creditors unsealed. The media companies believe the public should be made aware of the
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A recent photo of what appears to be former Alameda Research CEO Caroline Ellison in a Manhattan coffee shop in New York has been making the rounds on Twitter. On Dec. 4, two photos began circulating on Twitter, appearing to show Ellison ordering a coffee at the Ground Support Cafe
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Only crypto companies with a BitLicense – a special business license granted by NYDFS that allows firms to business in New York – will be subject to the assessments. Just 22 companies currently hold a BitLicense, which is notoriously difficult to obtain, and only three have been issued this year. Source
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