North Korea laundered $147.5 million through virtual currency platform Tornado Cash in March after stealing it last year from a cryptocurrency exchange, according to United Nations report. Watch in for more details!

North Korea stole $147.5 mn from HTX Crypto exchange in 2023, says UN

Just one day after it went after world's largest cryptocurrency exchange Binance, the United States Security and Exchange Commission (SEC) has sued Coinbase, the largest cryptocurrency platform in the country. The SEC has accused Coinbase of operating illegally because it failed to register as an exchange. This is being seen as another blow to the crypto industry.

The cases against both crypto exchanges are part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry. Gensler on Tuesday repeated his charge that the crypto industry was like "Wild West" that has undermined investor trust in the US capital markets.

"The whole business model is built on a noncompliance with the U.S. securities laws and we're asking them to come into compliance," Gensler told CNBC.

Watch | US sues Binance, founder Zhao alleging securities law violations

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On their part, crypto companies say that SEC rules are not clear. The companies also say that the agency is overreaching and trying to regulate them.

<h2>Lawsuit rattles Coinbase customers</h2>

Data firm Nansen has made an initial estimate that Coinbase suffered about USD 1.28 billion in outflows following the lawsuit

Paul Grewal, Coinbase's general counsel, in a statement said the company will continue operating as usual and has "demonstrated commitment to compliance."

On Tuesday, 10 US states led by California also accused Coinbase of securities law violations concerning its staking rewards programme.

Shares of Coinbase's parent Coinbase Global Inc closed down $7.10, or 12.1%, at $51.61 after earlier falling as much as 20.9%. They are up 46% this year.

The SEC has filed the complaint in Manhattan Federal court. In its complaint, the regulator says that Coinbase has made billions of dollars since 2019 by functioning as a middleman on crypto transactions but evaded disclosure requirements that are designed to protect investors.

Also Read | <a href="https://www.wionews.com/business-economy/explained-us-charges-crypto-giant-binance-with-violating-securities-laws-whats-the-case-601095">Explained: US charges crypto giant Binance with violating securities laws. What's the case?</a>

The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon.

Coinbase was founded in 2012. Recently, it served upwards of 108 million customers. It ended March with USD 130 billion of customer crypto assets and funds. Seventy-five per cent of its USD 3.15 billion net revenue was generated by transactions.

The lawsuit filed by SEC is seeking civil fines along with recouping of ill-gotten gains and injunctions relief. In the month of March this year, the SEC had warned Coinbase that charges may be coming

"You simply can't ignore the rules because you don't like them," SEC Enforcement Chief Gurbir Grewal, who is not related to Paul Grewal, said in a statement.

(With inputs from agencies)

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Just one day after it went after world's largest cryptocurrency exchange Binance, the United States Security and Exchange Commission (SEC) has sued Coinbase, the largest cryptocurrency platform in the country.

Just one day after it went after world's largest cryptocurrency exchange Binance, the United States Security and Exchange Commission (SEC) has sued Coinbase, the largest cryptocurrency platform in the country. The SEC has accused Coinbase of operating illegally because it failed to register as an exchange. This is being seen as another blow to the crypto industry. The cases against both crypto exchanges are part of SEC Chair Gary Gensler's push to assert jurisdiction over the crypto industry. Gensler on Tuesday repeated his charge that the crypto industry was like "Wild West" that has undermined investor trust in the US capital markets. "The whole business model is built on a noncompliance with the U.S. securities laws and we're asking them to come into compliance," Gensler told CNBC. Watch | US sues Binance, founder Zhao alleging securities law violations × On their part, crypto companies say that SEC rules are not clear. The companies also say that the agency is overreaching and trying to regulate them. Lawsuit rattles Coinbase customers Data firm Nansen has made an initial estimate that Coinbase suffered about USD 1.28 billion in outflows following the lawsuit Paul Grewal, Coinbase's general counsel, in a statement said the company will continue operating as usual and has "demonstrated commitment to compliance." On Tuesday, 10 US states led by California also accused Coinbase of securities law violations concerning its staking rewards programme. Shares of Coinbase's parent Coinbase Global Inc closed down $7.10, or 12.1%, at $51.61 after earlier falling as much as 20.9%. They are up 46% this year. The SEC has filed the complaint in Manhattan Federal court. In its complaint, the regulator says that Coinbase has made billions of dollars since 2019 by functioning as a middleman on crypto transactions but evaded disclosure requirements that are designed to protect investors. Also Read | Explained: US charges crypto giant Binance with violating securities laws. What's the case? The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon. Coinbase was founded in 2012. Recently, it served upwards of 108 million customers. It ended March with USD 130 billion of customer crypto assets and funds. Seventy-five per cent of its USD 3.15 billion net revenue was generated by transactions. The lawsuit filed by SEC is seeking civil fines along with recouping of ill-gotten gains and injunctions relief. In the month of March this year, the SEC had warned Coinbase that charges may be coming "You simply can't ignore the rules because you don't like them," SEC Enforcement Chief Gurbir Grewal, who is not related to Paul Grewal, said in a statement. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

US SEC goes after crypto exchange Coinbase, just one day after suing Binance

Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply.&nbsp;The crypto exchange company told Reuters that&nbsp;it&nbsp;plans to lay off 20 per cent of its workforce.&nbsp;Huobi, in a statement, said, "The planned layoff ratio is about 20 per cent, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward."

<a href="https://www.wionews.com/world/amazon-to-cut-over-18000-workers-says-ceo-andy-jassy-549539">Also read |&nbsp;Amazon to cut over 18,000 jobs, says CEO Andy Jassy; workers to know employment status by Jan 18</a>

The statement comes after a similar message earlier from the Tron founder Justin Sun, who said that the 'structural adjustment' in the company has&nbsp;not started, but is expected to complete by the first quarter.

The founder of the cryptocurrency exchange firm in an internal memo said that the company has been a 'fire'&nbsp;in the "(crypto) winter" despite the deteriorating macro environment.&nbsp;

When asked, he termed the shortage as "short-term pains" that can bring advantages for the firm.&nbsp;

<a href="https://www.wionews.com/technology/tech-giant-salesforce-joins-the-layoff-bandwagon-fires-10-of-its-workforce-549485">Also read |&nbsp;Tech giant Salesforce joins the layoff bandwagon; fires 10% of its workforce</a>

Similarly, cryptocurrency firm Genesis recently in its second round of layoffs cut 30 per cent of its workforce in less than six months.&nbsp;

Globally, Huobi stood as the eighth largest crypto-exchange as of November, according to analysing website CoinGecko.&nbsp;

As per CoinMarketCap, the Huobi Token peaked in late October at $ 9.40 with a 24-hour volume then of $52.50 million.&nbsp;

However, as of Friday, the token price was $4.68, and volume was down to $20.53 million. 
 
&nbsp;

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Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply.

Crypto exchange Huobi adds its name to the list of companies that chose to lay off their staff as it announced to lay off 20% of its workforce for cost cutting as investor interest in digital assets has slumped sharply. The crypto exchange company told Reuters that it plans to lay off 20 per cent of its workforce. Huobi, in a statement, said, "The planned layoff ratio is about 20 per cent, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward." Also read | Amazon to cut over 18,000 jobs, says CEO Andy Jassy; workers to know employment status by Jan 18 The statement comes after a similar message earlier from the Tron founder Justin Sun, who said that the 'structural adjustment' in the company has not started, but is expected to complete by the first quarter. The founder of the cryptocurrency exchange firm in an internal memo said that the company has been a 'fire' in the "(crypto) winter" despite the deteriorating macro environment. When asked, he termed the shortage as "short-term pains" that can bring advantages for the firm. Also read | Tech giant Salesforce joins the layoff bandwagon; fires 10% of its workforce Similarly, cryptocurrency firm Genesis recently in its second round of layoffs cut 30 per cent of its workforce in less than six months. Globally, Huobi stood as the eighth largest crypto-exchange as of November, according to analysing website CoinGecko. As per CoinMarketCap, the Huobi Token peaked in late October at $ 9.40 with a 24-hour volume then of $52.50 million. However, as of Friday, the token price was $4.68, and volume was down to $20.53 million. WATCH WION LIVE HERE

Crypto exchange firm Huobi to lay off 20% of workforce amid industry slump

Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters.

It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition.

ALSO READ -&nbsp;<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">How a secret software code change allowed FTX to (mis)use client money</a>

Bankman-Fried was indicted in a United States federal court in New York on Tuesday. The court in Manhattan charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.

What does it mean?

Bankman-Fried’s decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges.

Where will Bankman-Fried be kept?

According to defence lawyer Zachary Margulis-Ohnuma, once Bankman-Fried arrives in the United States, he will be kept at the Metropolitan Detention Center in New York’s Brooklyn.&nbsp;

Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds.

WATCH -&nbsp;<a href="https://www.wionews.com/videos/the-ftx-bankruptcy-scandal-crypto-exchange-launches-review-of-its-global-assets-535923">The FTX bankruptcy scandal: Crypto exchange launches review of its global assets</a>

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"The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions."

Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability.

Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. 
 
FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO.&nbsp;

(With inputs from agencies)

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Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters.

Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters. It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition. ALSO READ - How a secret software code change allowed FTX to (mis)use client money Bankman-Fried was indicted in a United States federal court in New York on Tuesday. The court in Manhattan charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. What does it mean? Bankman-Fried’s decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges. Where will Bankman-Fried be kept? According to defence lawyer Zachary Margulis-Ohnuma, once Bankman-Fried arrives in the United States, he will be kept at the Metropolitan Detention Center in New York’s Brooklyn. Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds. WATCH - The FTX bankruptcy scandal: Crypto exchange launches review of its global assets × "The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions." Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability. Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bahamas to Brooklyn: FTX founder Sam Bankman-Fried to surrender Monday for US extradition

Top US financial regulators have undertaken an investigation into whether Sam Bankman-Fried's crypto exchange FTX.com handled costumers' assets properly.

As per a report by Bloomberg they are also looking into the crypto exchange's relationship with other parts of the Bankman-Fried empire.

Watch |&nbsp;WION Business News: Hong Kong plans to legalize retail crypto trading

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Citing&nbsp;three persons with knowledge of the situation, Bloomberg reports that US Securities and Exchange Commission and the Commodity Futures Trading Commission are looking into the liquidity problem that has brought FTX to its breaking point.&nbsp;

The report further says that two of the individuals, who wished to remain anonymous, claimed that the SEC's investigation into FTX US and its crypto-lending activities was what initially sparked the probe.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/crypto-giant-binance-to-acquire-non-us-operations-of-rival-ftx-in-massive-bailout-532578">Crypto giant Binance rescues rival FTX facing major crunch after dramatic fall in market</a>

Gary Gensler, the chairman of the SEC, has often expressed concern about the dangers of digital asset exchanges. According to him, numerous platforms may be breaking the law by selling unregistered securities to Americans, making unlawful loans, or even front-running the trades of their customers.

Senior CFTC officials have also expressed concern about the possibility of cryptocurrency platforms mismanaging customers' assets.&nbsp;

In a speech last month, Democratic CFTC Commissioner Christy Goldsmith Romero remarked, "There is not enough awareness or attention on this critical area where customer protections dovetail with financial stability risks."&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/3-billion-in-bitcoin-seized-by-us-department-of-justice-in-a-decade-old-case-532176">$3 billion in Bitcoin seized by US Department of Justice in a decade old case</a>

The problems at FTX.com come on the heels of high-profile crypto business failures this year, which have sparked calls for increased US regulation. The topic of who should be in charge of overseeing trading platforms is still up for debate, despite numerous Washington agencies claiming some territory, reports Bloomberg.

This comes as on Tuesday, in a surprise move, the company's rival exchange Binance Holdings Ltd announced that it had signed a non-binding letter of intent "to fully acquire FTX.com".&nbsp;As per AFP, the financial terms of the proposed deal are yet to be disclosed.

(With inputs from agencies)

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Top US financial regulators have undertaken an investigation into whether Sam Bankman-Fried's crypto exchange FTX.com handled costumers' assets properly. As per a report by Bloomberg they are also looking into the crypto exchange's relationship with other parts of the Bankman-Fried empire.

Top US financial regulators have undertaken an investigation into whether Sam Bankman-Fried's crypto exchange FTX.com handled costumers' assets properly. As per a report by Bloomberg they are also looking into the crypto exchange's relationship with other parts of the Bankman-Fried empire. Watch | WION Business News: Hong Kong plans to legalize retail crypto trading Citing three persons with knowledge of the situation, Bloomberg reports that US Securities and Exchange Commission and the Commodity Futures Trading Commission are looking into the liquidity problem that has brought FTX to its breaking point. The report further says that two of the individuals, who wished to remain anonymous, claimed that the SEC's investigation into FTX US and its crypto-lending activities was what initially sparked the probe. Also read | Crypto giant Binance rescues rival FTX facing major crunch after dramatic fall in market Gary Gensler, the chairman of the SEC, has often expressed concern about the dangers of digital asset exchanges. According to him, numerous platforms may be breaking the law by selling unregistered securities to Americans, making unlawful loans, or even front-running the trades of their customers. Senior CFTC officials have also expressed concern about the possibility of cryptocurrency platforms mismanaging customers' assets. In a speech last month, Democratic CFTC Commissioner Christy Goldsmith Romero remarked, "There is not enough awareness or attention on this critical area where customer protections dovetail with financial stability risks." Also read | $3 billion in Bitcoin seized by US Department of Justice in a decade old case The problems at FTX.com come on the heels of high-profile crypto business failures this year, which have sparked calls for increased US regulation. The topic of who should be in charge of overseeing trading platforms is still up for debate, despite numerous Washington agencies claiming some territory, reports Bloomberg. This comes as on Tuesday, in a surprise move, the company's rival exchange Binance Holdings Ltd announced that it had signed a non-binding letter of intent "to fully acquire FTX.com". As per AFP, the financial terms of the proposed deal are yet to be disclosed. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crypto-exchange FTX's troubles far from over over; top US finance watchdogs probe its costumer assets handling

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