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The move is a “culmination of over two years of effort,” according to Strike CEO and cofounder Jack Mallers.

U.S. law doesn’t let appointed regulators trump elected officials. But the SEC head may be doing exactly that.

Bitcoin spread soared dramatically on BinanceUS, the crypto exchange giant’s American affiliate.

The BTC spreads against USDT and USD more than tripled within the past week — compared to modest changes from Coinbase and Kraken. In all, BinanceUS’s BTC spread soared 20 times wider than its competitors, according to crypto data firm Kaiko.

The activity suggests that users are selling off their BTC after the Securities and Exchange Commission brought a lawsuit against Binance, Binance US and Binance CEO Changpeng Zhao.

After the suit, BinanceUS announce da move to delist over 100 trading pairs and paused its OTC Trading Portal. BinanceUS said late Thursday that it would pause USD deposits ahead of an expected freeze on dollar payments services from its bank partners. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Singapore-based crypto exchange Crypto.com will no longer be offering its service to institutional clients in the U.S. due to “limited demand,” the company announced Friday.

The SEC’s lawsuits against Binance and Coinbase are likely to be play across the U.S.’s legal and political system over several years, says Michael Casey.

Sotheby’s will sell Dmitri Cherniak’s “The Goose” NFT at a live auction this month, while Mercedes Benz released a collection inspired by its luxury vehicles.

In his blog post, Buterin shares that the network needs to address these components simultaneously, otherwise the blockchain fails.

The U.S. Department of Justice has charged two Russian nationals with “conspiring to launder approximately 647,000 bitcoins” they acquired from hacking the now-defunct Japanese bitcoin exchange Mt Gox, according to a statement.

In the statement, the DOJ alleges that Alexey Bilyuchenko and Aleksandr Verner hacked Mt. Gox and then tried to launder the stolen funds. 
“Starting in 2011, Bilyuchenko and Verner stole a massive amount of cryptocurrency from Mt. Gox, contributing to the exchange’s ultimate insolvency,” Assistant Attorney General Kenneth Polite said in a statement. “Armed with the ill-gotten gains from Mt. Gox, Bilyuchenko allegedly went on to help set up the notorious BTC-e virtual currency exchange, which laundered funds for cyber criminals worldwide.”

The DOJ also charged Bilyuchenko for  “conspiring” with Alexander Vinnik to operate the BTC-e exchange from 2011 to 2017. The exchange was shut down by U.S. authorities in 2017. Vinnik was extradited to the U.S. last year in connection with the U.S. investigation into BTC-e. 

“For years, Bilyuchenko and his co-conspirators allegedly operated a digital currency exchange that enabled criminals around the world – including computer hackers, ransomware actors, narcotics rings, and corrupt public officials – to launder billions of dollars,” said U.S. Attorney Ismail J. Ramsey in the DOJ’s statement.

If calculated at current exchange rates, the 647,000 bitcoin would be valued at more than $17 billion.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The U.S. Department of Justice charged Russian nationals Alexey Bilyuchenko and Aleksandr Verner with hacking Mt. Gox in 2011, at the time one of the biggest thefts in the crypto industry.

Traders said market makers are holding options with a $1,800 strike price and are likely to influence prices as they try to keep their portfolios direction-neutral.