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US: Unlicensed Bitcoin Exchange Operator Indicted by Justice Department

The Department of Justice has indicted a New Jersey resident for failing to register his Bitcoin exchange with the U.S. Treasury. William Green, a 46-year-old New Jersey resident, was indicted by a federal grand jury on account of allegedly running an unlicensed money transmission service. The United States Department of Justice (DoJ) announced the indictment in a press release on July 24. According to the DoJ, the indictment filings and court statements indicate that Green operated a fiat-to-Bitcoin (BTC) conversion service through the website Destination Bitcoin. As such, Green reportedly would receive money from his customers in order to convert their cash to BTC. The findings further indicated that Green had not registered with the Secretary of the United States Treasury in any capacity. As noted in the announcement, a person is required by federal law to register any money transmitting businesses with the Secretary of the Treasury. SentencingRegarding monetary quantities and comp..

Operator of Newly Launched Binance US Appoints Former Ripple Exec as...

BAM Trading Services, the operator of Binance US, has appointed a former Ripple exec as CEO to oversee the launch of the platform. The operator of United States-based division of Binance crypto exchange has appointed former Ripple exec as its new CEO, the company officially announced on July 2. BAM Trading Services (BAM), the operator of recently launched Binance US, has hired Catherine Coley, former liquidity management expert at Ripple, to oversee the launch of Binance US and bring BAM’s market to North America. After joining Ripple in 2017, Coley served as Head of XRP Institutional Liquidity, her most recent position prior to Binance US. Coley’s professional experience includes forex exchange (forex) expertise with five years at financial services company Morgan Stanley, as well as one year at commercial bank Silicon Valley Bank, according to Coley’s LinkedIn profile. Binance, currently the largest crypto exchange by adjusted daily trading volume, has officially announced the launc..

Crypto Exchange Bitfinex Repaid $100 Million to Stablecoin Operator Tether

Cryptocurrency exchange Bitfinex announced that it repaid $100 million of outstanding loan facility to stablecoin operator Tether. Cryptocurrency exchange Bitfinex announced that it repaid $100 million of outstanding loan facility to stablecoin operator Tether in a post on its official blog on July 2. Per the announcement, Bitfinex made the repayment via wire transfer to Tether’s bank account and the amount was not yet due to be paid to the operator under the facility. Still, the exchange reportedly made the decision to complete the prepayment based on its financial position at the end of the second quarter of 2019. The post concludes: “Also on July 1st, Bitfinex fully prepaid all interest accrued under the loan facility to Tether up to the end of day on June 30, 2019, also in fiat.” As Cointelegraph reported in May, the New York Supreme Court granted Bitfinex and Tether the stay of demands for which they applied on May 21. According to the original filing, Bitfinex never revealed a ..

CabbageTech Crypto Scheme Operator Pleads Guilty to Wire Fraud

A 46-year-old New York resident Patrick McDonnell admitted to stealing funds obtained from his clients instead of investing them in cryptocurrency. 46-year-old New York resident Patrick McDonnell admitted to stealing funds obtained from his clients instead of investing them in cryptocurrency, Bloomberg reports on June 21. Per the report, McDonnell — who calls himself the “coyote of Wall Street” — pleaded guilty to wire fraud on Friday in federal court in Brooklyn. He allegedly declared: “I claimed to invest it in virtual currency and spent it on personal expenses.” McDonnell attracted investors to his firm CabbageTech by claiming on social media to have traded over $50 million worth of bitcoin (BTC) for thousands of clients. Bloomberg reports that, instead of investing in the interest of his clients, McDonnell appropriated the funds for his own use and spent at least $194,000. U.S. Attorney for the Eastern District of New York Richard P. Donoghue unsealed a nine-count indictment again..

Ex-Employee Sues Zcash Operator in $2 Million Lawsuit Over Unpaid Stocks

Simon Liu variously alleges nonpayment and the lack of legal clearance for Zerocoin to offer common stocks. The company behind cryptocurrency zcash (ZEC) is facing a $2 million legal challenge over unpaid shares, documents originally filed on May 29 confirm. According to the complaint, which appeared at the Superior Court of California for the County of San Francisco, an ex-employee brought the charges after he did not receive $15,000 of stock in 2016. Simon Liu worked for Zerocoin, now known as the Electric Coin Company, and additionally claims the company was not legally permitted to offer the equity. “Plaintiff is informed and believes, and thereon alleges, that Zerocoin did not have the authorization to issue common stock to employees in 2016, and that Defendants, and each of them, were aware that Zerocoin did not have such an authorization,” the document reads. Requests to view company documents were also denied, Liu says. Neither Zerocoin nor CEO Zooko Wilcox had issued a public..

BitMEX Operator Firm Donates to MIT to Conduct Crypto, Bitcoin-Related Research

HDR Global Trading Limited has donated to the MIT Digital Currency Initiatives to conduct cryptocurrency-related research. The owner and operator of cryptocurrency exchange BitMEX has donated to the Massachusetts Institute of Technology (MIT) to conduct cryptocurrency-related research, according to an announcement published on May 28. HDR Global Trading Limited has made a donation to the MIT Digital Currency Initiative (DCI), the objective of which is to conduct the research necessary to support the development of digital currency and blockchain technology. Specifically, the funds will be allocated to support Bitcoin Core developers Wladimir van der Laan and Cory Fields. Commenting on the sponsorship, Sam Reed, CTO of HDR Global Trading and co-founder of BitMEX, said that the “donation into research and development is about ensuring that the network is more robust. A stronger Bitcoin network will be beneficial to all, and we are very excited to be able to aid in its progress.” As repo..

Upbit Exchange Operator Plies $46 Million Into Blockchain in First Year...

Dunamu gave funding to 26 blockchain startups as part of a multi-year investment roadmap. The parent company of South Korean cryptocurrency exchange Upbit has invested almost $50 million in blockchain startups since March 2018, English-language Korean business news outlet The Investor reported on May 15. Dunamu, which created a dedicated investment subsidiary, Dunamu & Partners, at the same time last year, has given cash to a total of 26 businesses. In total — under plans it announced previously — the company aims to invest 100 billion won ($84 million) into the industry. “Our goal is to contribute to the healthy growth of the blockchain ecosystem by actively investing in startups with world-class technology and services with potential for real-life implementation,” The Investor quotes Ryan Lee, CEO of Dunamu & Partners, as saying. He continues: “Dunamu and Dunamu & Partners’ strategy of identifying and investing in innovative tech and finance startups, regardless of size, stage and ..

Crypto ATM Operator CoinFlip Postpones Tether Stablecoin Listing

Cryptocurrency automated teller machine provider CoinFlip has postponed listing USDT as the firm wants “full assurance that USDT is stable.” Cryptocurrency automated teller machine (ATMs) operator CoinFlip has postponed support for the stablecoin tether (USDT). The company announced the development in a tweet on May 1. CoinFlip initially revealed that it will start listing Tron-powered stablecoin USDT at over 180 CoinFlip’s ATMs on April 30. However, in about 24 hours CoinFlip posted an update, saying that it has postponed USDT listing “until a later time.” The company noted in the tweet that it will still work together with Tron to provide customers with the cash-to-tron option. Commenting on the company’s decision, CoinFlip CEO Daniel Polotsky told Cointelegraph: “CoinFlip's number one priority is making sure our customers are safe, so we always err on the side of caution. We need full assurance that USDT is stable, and that Tether and Bitfinex are fully abiding by U.S. law. I ..

South Korea: Bithumb Exchange Operator Reveals Plans for US, Japanese Markets

The CEO of Bithumb’s operator has revealed plans to expand to the U.S. and Japan. The CEO of Singapore-based Blockchain Exchange Alliance (BXA) — which has a controlling stake in major South Korean crypto exchange Bithumb — has revealed plans to expand to the American and Japanese markets. The news was reported by Cointelegraph Japan on April 18. BXA CEO BK Kim told Cointelegraph Japan in an interview that BXA’s strategy is to pursue a so-called reverse merger route by acquiring a publicly-traded company that is already listed on either Nasdaq or the New York Stock Exchange (NYSE). The route can be a faster way to take a company public than a traditional Initial Public Offering (IPO), BK Kim noted, adding that it can also help reduce listing fees — reportedly estimated to amount to around $6 million. According to BK Kim, BXA has already sought legal advice in the United States, where a lawyer has reportedly given the opinion that the current legal framework allows for BXA to be listed..

South Korea: Bithumb Exchange Operator Gains $200 Million From Japanese Investment...

Blockchain Exchange Alliance will use the funds to expand outreach and add extra trading pairs, the company says. The parent company of major South Korean cryptocurrency exchange Bithumb has received $200 million in funding from Japan’s ST Blockchain Fund, the latter confirmed in a press release shared with Cointelegraph Japan on April 15. The cash, which forms part of a Series A funding round, will allow Blockchain Exchange Alliance (BXA) to expand the international side of Bithumb, which is already one of South Korea’s largest exchanges. New trading pairs will also appear, the press release notes. ST Blockchain Fund is based in Japan, but features participation from investors throughout the world, including Europe and the United States. “The fund shared our vision of creating a global digital exchange platform that can efficiently transfer value across borders with lower costs, which was the key rationale behind this investment decision,” BXA stated in the press release. The move co..
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