Binance’s founder and former chief executive, Changpeng “CZ” Zhao has apologised for his “poor decisions” and accepted “full responsibility” for his actions, in a letter to the judge overseeing his case.
Tornado Cash Dev Roman Storm Moves to Dismiss Indictment Over Crypto-Laundering Allegations
Crypto Exchange KuCoin Violated Anti-Money Laundering Laws, U.S. Charges
U.S. federal prosecutors charged crypto exchange KuCoin and two of its founders with violating anti-money laundering laws on Tuesday, saying the exchange operated in the U.S., lied to at least one of its investors about operating in the U.S. and failed to both register with U.S. government entities and maintain an anti-money laundering program.
U.S. Attorney’s Office Files Civil Forfeiture Action to Return $2.3M in Crypto Tied to 37 Scam Victims
The United States Attorney’s Office in Massachusetts filed a civil forfeiture action on Wednesday aimed at returning $2.3 million in cryptocurrency to 37 victims of online scams and fraud.
Judge Signs Off on Binance’s $4.3B Plea Deal With U.S. Prosecutors
A federal judge approved the U.S. Department of Justice’s $4.3 billion fine on Binance after the crypto exchange pleaded guilty to violating anti-money laundering laws last November.
U.S. Bans Crypto Addresses Tied to LockBit Ransomware Group From Financial System
The U.S. government tagged a number of bitcoin and ether addresses as being tied to the LockBit ransomware group, which was taken down on Monday.
Crypto Backers B. Riley and Nomura Entangled in SEC Probe: Bloomberg
Investment bank B. Riley is under an undisclosed investigation from U.S. authorities for its deals with Brian Kahn, an alleged co-conspirator in a U.S. Department of Justice criminal case.
FTX Founder Sam Bankman-Fried Won’t Face Second Criminal Trial, U.S. Prosecutors Say
Two individuals indicted for $25M AI crypto trading scam: DOJ
Defendants David Gilbert Saffron and Vincent Anthony Mazzotta Jr. allegedly solicited users’ deposits for investment and used them for lavish personal expenditures.
Two individuals indicted for $25M AI crypto trading scam: DOJ
Defendants David Gilbert Saffron and Vincent Anthony Mazzotta Jr. allegedly solicited users’ deposits for investment and used them for lavish personal expenditures.
Binance Founder Changpeng ‘CZ’ Zhao Stuck in U.S. Until Sentencing
Binance founder and former CEO Changpeng Zhao must remain in the U.S. until he is sentenced next February, a federal judge ruled Thursday.
Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto
Richard Teng, the Chief Executive Officer (CEO) of the world’s largest crypto exchange Binance challenged JPMorgan Chase’s CEO Jamie Dimon’s stance on cryptocurrencies.
Binance CEO Disagrees With Jamie Dimon
The Binance CEO recently defended cryptocurrencies by opposing the anti-crypto narrative promoted by the JPMorgan CEO in a hearing held on Wednesday. Teng took to X (formerly Twitter) to share his displeasure with Dimon’s narrative against crypto.
The JPMorgan CEO’s critics were set on the legitimacy and regulation of cryptocurrencies. According to Dimon, he has “never supported cryptocurrencies” and believes the “only real use case for crypto is criminals.” He further added that he would close down crypto if he had the power to do so. The CEO stated:
I’ve always been deeply opposed to crypto, the only true use case for it is criminals. If I were the government I’d close it down.
Teng underscored the need to compare the scope of illegal activity in cryptocurrency to that of traditional fiat money. He further highlighted the data compiled by Dr. Andrzei Gwizdalki from sources like the UN and the World Economic Forum.
The data shows that illegal activities connected to fiat currencies are over 100 times bigger than crypto. According to the data, cryptocurrencies are linked to an estimated $20 billion in illegal activities.
Meanwhile, fiat currencies such as the United States dollar are implicated in approximately $3.2 trillion in illegal activities yearly. However, due to the secret nature of money laundering, it is difficult to determine the total amount that has been lost.
So far, Dr. Andrzei Gwizdalki believes the corruption and money laundering in connection with fiat “casts a dark shadow.” He also added that this is a reputation that the crypto space should not mirror.
Furthermore, Gwizdalki has urged policymakers to be well-informed and handle real issues within their traditional systems. He believes using crypto for illegal reasons is “stupid and dangerous” since every transaction is transparently recorded.
The Crypto Firm Faces Potential Collapse
Former United States Securities and Exchange Commission (SEC) official John Reed Stark has highlighted a potential collapse for Binance. Stark’s belief is due to the Binance plea agreement by the former CEO of the crypto exchange Changpeng CZ Zhao. Stark stated:
The Binance Plea Agreement is Already Blowing Up. More Evidence of the Possibility of a Binance Collapse (And a 10-Year Sentence for CZ).
He also highlighted Teng’s failure to provide answers to simple questions during an interview as another potential reason. In the interview, journalist Scott Chipolina asked Teng where Binance is headquartered, but the CEO refused to provide specific answers.
So far, Stark has voiced doubts about the exchange’s capacity to comply with the stringent DOJ/FinCEN monitoring and cooperation requirements. He believes that while investigations are still ongoing, the government will bring more accusations against Binance and Changpeng Zhao.
Crypto Exchange Bitzlato Co-Founder Pleads Guilty to U.S. Money Transmitter Charge
Anatoly Legkodymov, a co-founder of Hong Kong-based crypto exchange Bitzlato, pleaded guilty to operating an unlicensed money transmitter. Bitzlato was sanctioned by the U.S government in January.
Coinbase market share grows outside US trading hours amid Binance saga: Report
According to Kaiko Research, Bybit experienced a rise in market share around the clock, whereas Coinbase witnessed significant growth outside of the United States trading hours.
Miami Crew Leader Sentenced to 63 Months in Prison for Crypto Fraud
In April, Esteban Cabrera Da Corte pleaded guilty to participating in a crypto scheme that defrauded U.S. banks of $4 million.
Bitcoin Decouples with XRP, BNB But Correlates With Dogecoin and Cardano
In the last two months, Bitcoin (BTC), the world’s most valuable cryptocurrency, has been increasingly decoupling from XRP, the native currency of the XRP Ledger (XRPL), and BNB, the coin priming the broader Binance ecosystem. While this pans out, Dogecoin (DOGE) and Cardano (ADA) remain mostly correlated with Bitcoin.
XRP, BNB Decoupling From Bitcoin
While rising de-correlation suggests that the market is maturing and becoming more sophisticated, secondary factors could make some of the top altcoins decouple and chart their courses away from the tight grasp of Bitcoin.
Sharing data from Kaiko, a blockchain analytics firm, @cryptobusy on X notes that the correlation between Bitcoin, XRP, and BNB has been contracting in the last two months. Meanwhile, BTC, Dogecoin, and Cardano prices have been moving in sync despite fundamental factors of each project impacting price action over this period.
The drop in correlation indicates that altcoins are increasingly gaining more market share from Bitcoin. This drop in Bitcoin dominance happens especially whenever certain altcoins move independently and are not influenced by how Bitcoin trends.
In most cases, like it has been the case in Q4 2023, a spike in Bitcoin prices triggers altcoin demand, lifting them as a result. Besides Cardano and Dogecoin, for instance, Solana (SOL) and Tron (TRX) are two altcoins that have been rallying and tracking Bitcoin.
Additionally, the drop in correlation could mean the altcoin scene is maturing, and more investors are keen on picking out projects that offer more utility, not just BTC proxies. With more investors, altcoins tend to be more liquid, drawing even more capital.
BNB, XRP, BTC Impacted By Fundamental Factors
Even so, there could be more that explains the decoupling, especially with BNB and XRP. Seismic fundamental events have impacted BTC, XRP, and BNB ecosystems in the last two months.
The United States Securities and Exchange Commission (SEC), for instance, is likely to approve multiple spot Bitcoin ETFs filed by several heavyweights, including BlackRock and Fidelity, in the coming weeks. Hopes of the regulator authorizing these derivatives tracking spot BTC prices have catalyzed demand, lifting the coin to new 2023 highs.
Meanwhile, a United States court ruled in favor of XRP being a utility when sold to retailers. The case initially forced prices higher, but the coin tracked lower throughout late Q3 2023 and 2024, only steadying as BTC rallied.
At the same time, BNB was negatively impacted by Changpeng Zhao, the founder of Binance, resigning in November 2023. The Department of Justice also fined Binance with a $4.3 billion penalty as a settlement.
Ethereum price falls as regulatory worries and pause in DApp use impact investor sentiment
Ether price struggles amid regulatory concerns and a drop in DApp usage.
Bitcoin traders’ bullish bias holds firm even as BTC price dips to $37K
BTC’s correction reveals a disconnect between pro traders’ confidence and retail investors’ skepticism amid regulatory shifts.
Binance Founder CZ Stuck in U.S. for the Moment
A district judge ordered Changpeng “CZ” Zhao to stay in the U.S. until he could make a proper ruling on a U.S. Department of Justice motion to block him from returning to his home in the UAE.
Binance’s Changpeng ‘CZ’ Zhao is a Manageable Flight Risk: U.S. DOJ
U.S. argues that Binance’s former CEO should remain free until sentencing – but only in the U.S.
