Day: 18 May 2023

FTX and its new management have initiated legal action against its former CEO, Sam Bankman-Fried, co-founder Zixiao Wang, and former senior employee Nishad Singh regarding the controversial  $220 million acquisition of stock-clearing platform Embed. The lawsuit alleges that FTX acquired Embed through its American subsidiary without conducting adequate due diligence ...

South Korea has been grappling with a rise in criminal activities involving digital assets, prompting the nation to expedite the implementation of a comprehensive Virtual Asset User Protection bill. This bill comprises 19 bills specifically targeting cryptocurrencies, reflecting the country's commitment to adopting blockchain technology and enacting relevant legislation. According ...

Westpac, one of Australia's leading banks, has initiated the first phase of its trial of scam prevention tools to combat cryptocurrency-related fraud. The bank aims to introduce a set of tools and safety measures that wil help reduce risks and minimize losses associated with crypto and investment scams. According to ...

A recent report by British legislators recommending the classification of cryptocurrencies as gambling has been the subject of fierce criticism from stakeholders in the UK cryptocurrency industry.  The House of Commons Treasury Committee released the report on May 17, 2023, in which it proposed regulations similar to those applied to ...