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Philipp Petkevitch pfp
Philipp Petkevitch
@petkevitch
What happened in the crypto industry last week (August 19-25)? #CryptoRegulation #Kraken #Telegram #Tether #ChinaCrypto #Binance #CampaignFinance #ASIC #Interpol #HEX #Wyoming #Cryptocurrency #Blockchain
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Philipp Petkevitch
@petkevitch
1/ On August 23, 2024, the California District Court denied Kraken's motion to dismiss the SEC's lawsuit. However, the judge ruled that listed on Kraken crypto assets themselves are not securities, but their way of sale could constitute an investment contract. The SEC will now have to prove the presence of an investment contract in each case of public cryptocurrency sale. https://assets.bwbx.io/documents/users/iqjWHBFdfxIU/rmQ8pL_F4eP8/v0 https://x.com/msantoriesq/status/1827062758262894920?s=46
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Philipp Petkevitch
@petkevitch
2/ On the evening of August 24, 2024, Telegram founder Pavel Durov was arrested at Le Bourget Airport in France. He is accused of 12 charges, including aiding in illegal drug trafficking, financing terrorism, fraud, and other crimes committed using the Telegram messenger. As Durov holds French citizenship, extradition to other countries is not planned. https://www.tf1info.fr/amp/justice-faits-divers/info-tf1-lci-le-fondateur-et-pdg-de-la-messagerie-cryptee-telegram-interpelle-en-france-2316072.html
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Philipp Petkevitch
@petkevitch
3/ Tether, the issuer of the USDT stablecoin, announced plans to develop a stablecoin pegged to the UAE dirham (AED). The project will be launched in collaboration with technology conglomerate Phoenix Group and Green Acorn Investments, likely in response to new regulations by the UAE Central Bank, which require payments for goods and services to be made only with dirham-backed stablecoins. https://x.com/Tether_to/status/1826207852781830373
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Philipp Petkevitch
@petkevitch
4/ On August 19, 2024, the Supreme People's Court and the Supreme People's Procuratorate of China revised the country's anti-money laundering law to include transactions involving virtual assets. https://mp.weixin.qq.com/s/lN-caQCInPqlpJrENwJyUg
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Philipp Petkevitch
@petkevitch
5/ Three investors filed a class-action lawsuit against Binance and its former CEO Changpeng Zhao (CZ), claiming that the platform is partially responsible for the theft of their digital assets, citing negligence in anti-money laundering practices. https://assets2.pacermonitor.com/filings/Martin_et_al_v_Binance_Holdings_LTD_et_al/Martin_et_al_v_Binance_Holdings_LTD_et_al__wawdce-24-01264__0001.0.pdf
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Philipp Petkevitch
@petkevitch
6/ The US Department of Justice charged former congressional candidate Michelle Bond, who is in a relationship with Ryan Salame (former head of FTX's Bahamian division), with violating campaign finance laws by allegedly using $400,000 in corporate funds for her campaign. https://www.justice.gov/usao-sdny/pr/former-congressional-candidate-charged-violating-campaign-finance-laws
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Philipp Petkevitch
@petkevitch
7/ The Australian Securities and Investments Commission (ASIC) won a civil lawsuit against Bit Trade, the local operator of the Kraken exchange, for violating the Corporations Act by offering a product without the necessary target market determination, as required by section 994B of the Act. https://download.asic.gov.au/media/ikmfvobk/24-186mr-asic-v-bit-trade-pty-ltd-judgment-23-august-2024.pdf
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Philipp Petkevitch
@petkevitch
8/ Montenegrin police arrested 51-year-old Roman Zemian, co-founder of the FutureNet crypto pyramid, who was found hiding under a false identity in Podgorica. The arrest was the result of an international operation led by Interpol. The pyramid scheme reportedly defrauded 2,000 victims of approximately $21 million. https://www.slobodnaevropa.org/a/crna-gora-hapsenje-interpol-kripto-prevare/33083383.html
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Philipp Petkevitch
@petkevitch
9/ The SEC filed a response to HEX founder Richard Heart's motion to dismiss the regulator's lawsuit. Heart commented that he intends to submit a counter-memorandum by the end of August 23, 2024. In 2023, Heart was accused of raising over $1 billion through unregistered securities and misappropriating $12 million of client assets. https://www.courtlistener.com/docket/67649362/52/securities-and-exchange-commission-v-schueler/ https://x.com/RichardHeartWin/status/1826788176901669247
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