#cryptocurrency exchange

In a pivotal ruling on July 25, Judge Philip Jeyaretnam of the Singapore High Court declared cryptocurrency as personal property, placing it on par with fiat money. Judge Jeyaretnam's elucidation is notable for the legal status of digital assets. It was stemmed from a case where ByBit accused its former employee, Ho Kai Xin, of illicitly transferring approximately 4.2 million USDT from the company's coffers to personal accounts. The court mandated Ho to return the funds to cryptocurrency exchange.

FTX, the prominent cryptocurrency exchange, was recently embroiled in controversy when court documents revealed a plan devised by Gabriel, the younger brother of FTX's CEO, SBF. According to the documents, Gabriel aimed to utilize FTX clients' funds to purchase the entire country of Nauru. The idea was to transform Nauru into a post-apocalyptic sanctuary, complete with a highly secretive laboratory for conducting human genetics experiments and other projects. Who needs a private island when you can have a whole sovereign nation, right? The court documents further detailed instances of transactions involving the founder's family, including those that have been previously disclosed. While the idea of buying a nation for such purposes seems like something out of a sci-fi movie, it underscores the madness that was going on inside the FTX.

One of the oldest altcoins, has doubled in price since the beginning of the the last week – from $105 to $220. Analysts credit this remarkable growth to the backing of the altcoin by the newly launched cryptocurrency exchange, EDX Markets. EDX is new non-custodial cryptocurrency exchange, backed by major Wall Street players like Citadel Securities, Fidelity, and Schwab, has officially gone live a week ago. It offers popular options like Bitcoin, Ether, Litecoin, and Bitcoin Cash, while consciously avoiding the list of tokens that the SEC considers to be financial securities.

The lawsuit between the U.S Securities and Exchange Commission (SEC) and cryptocurrency exchange Coinbase is moving forward as the date for initial arguments has been confirmed. Coinbase's chief legal officer, Paul Grewal, revealed on Twitter that New York judge Katherine Polk Failla had approved the joint request from both parties to proceed with hearings. Coinbase has until August 4, 2023, to submit its initial brief and additional supporting documents by August 11. The SEC's opposition brief is due on or before October 10, with Coinbase's reply by October 24 or sooner.

Belgium’s Financial Services and Markets Authority (FSMA) has taken action against Binance, instructing the popular cryptocurrency exchange to immediately stop offering any virtual currency services in the country. In a statement released on Friday, the FSMA emphasized that individuals and firms governed by Belgian law, but not belonging to the European Economic Area, are prohibited from offering exchange services involving virtual currencies and legal currencies, as well as custody wallet services. Failure to comply with this order could result in criminal sanctions, as warned by the regulator.