Cryptocurrency

Binance hires ex-Kraken compliance chief; Coinbase faces patent infringement lawsuit

Zegex

The biggest news in the cryptosphere on Sept. 23 included the switch of Kraken’s former compliance chief to Binance, a new patent infringement lawsuit Coinbase has to face, and the Chapter 11 bankruptcy of bitcoin mining firm Computenorth. It will be

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Binance Hires Former Kraken Compliance Chief

Binance has hired a compliance officer from rival Kraken and said it was considering hiring more people to work in its compliance department.

Stephen Christie has left Kraken to become Binance’s new SVP of Compliance. He leads his team of 750 people at Binance, including a cyber research team.

Bitcoin miner Compute North files for bankruptcy, CEO resigns

Bitcoin (BTC) mining data center Compute North has filed for Chapter 11 bankruptcy. The company reportedly owes nearly 200 of his creditors his $500 million debt, with asset values ​​between his $100 million and his $500 million.

CFTC Fines bZeroX $250,000 and Indicts Ooki DAO for Regulatory Violations

One day, the Commodity Futures Trading Commission (CFTC) fined bZeroX, a blockchain trading protocol, and filed a federal civil enforcement action against bZeroX’s successor, Ooki DAO (OOKI).

The CFTC has revealed that bZeroX operated an illegal decentralized trading service from 2019 to 2021. Meanwhile, Ooki DAO faced federal civil enforcement action for allegedly providing illegal leverage and margin trading.

Celsius shareholders want their own legal representation in bankruptcy cases

Shareholders of the bankrupt Celsius Network want the company to dollarize customers’ crypto holdings and pay out their shares.

Stakeholders argue that the Board of Unsecured Creditors is prioritizing ensuring retail customers get the most value without considering the situation of shareholders.

IRS Secures Court Approval To Investigate MY Safra Bank And SFOX User’s Records For Missing Tax Returns

The International Revenue Service (IRS) continues to legally pursue MY Safra Bank users, claiming they have not paid taxes.

On September 22, a US judge granted the IRS a petition compelling MY Safra Bank to produce taxpayer records. Upon receiving the petition, he said the IRS, a cryptocurrency prime broker, claims he also receives the same records from SFOX, and MY Safra Bank said he also serves SFOX users. rice field.

UK needs to cut crypto tax rate to spur growth – MP Matt Hancock

Former Secretary of State for Digital, Culture, Music and Sport Matt Hancock said the UK needs to adopt a long-term approach to cryptocurrencies.

He said:

“HMRC has taken a revenue maximizing approach … we are applying it with a sledgehammer … What we need to do is look at growth maximizing future revenues that are much greater is to do

UK law currently treats cryptocurrency transactions like any other asset, with a fixed tax rate of 20% on all capital gains.

Binance Adds 1.2% LUNC Burn Tax Opt-In Button On All Trades

Binance CEO Changpeng Zhao said the exchange: Implement Terra Luna Classic (LUNC) tax burn opt-in button.

This button is visible to LUNC owners and can be toggled on if they want to burn 1.2% of their LUNC in each transaction.

research highlights

FUD Rant Over Bitcoin Transaction Fees

CryptoSlate analysts have published an exclusive report on Fear-Uncertainty-Doubt (FUD) on Bitcoin transaction fees. Transaction fees bind the Bitcoin network together, and those who want Bitcoin to fail rely heavily on FUD attacks.

Attackers are not random individuals on Twitter. Instead, the World Economic Forum, national regulators, and central banks have attacked Bitcoin, claiming that it “consumes more electricity than the entire world” or that it is “not a secure network.”

News around Cryptoverse

Coinbase Sued for Infringement of Crypto Transfer Technology

Veritaserum Capital LLC has filed a patent suit against Coinbase, alleging that it infringes a cryptographic transfer technology patent granted to Veritaserum’s founder, Veritaserum. Reuters Reported on September 23rd.

Veritaserum claimed several Coinbase services violated patents and demanded $350 million in damages.

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Bitcoin (BTC) is down 2.71% over the past 24 hours, trading at $18,675. Ethereum (ETH) also fell 1.38% to $1,285.

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