Sam Bankman-Fried Sentenced to 25 Years in Federal Prison
RegtechTimes
by Kevin Shah
3h ago
Sam Bankman-Fried, the founder of the FTX cryptocurrency exchange, was sentenced to 25 years in federal prison for defrauding customers and investors. The sentencing took place at the Manhattan Federal Court, where Judge Lewis Kaplan presided over the hearing. Bankman-Fried was convicted of stealing $8 billion from customers of the now-bankrupt FTX exchange. During the trial, Judge Kaplan stated that Bankman-Fried had committed perjury by falsely testifying that he had no knowledge of Alameda, the company associated with FTX, spending customer deposits. The judge also noted that Bankman-Fried ..read more
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OFAC Sanctions 11 Players in Syrian Captagon Trade
RegtechTimes
by Mayur Joshi
3h ago
The United States has imposed sanctions on 11 individuals and entities for their involvement in aiding financial crimes, drug trafficking, and the exploitation of Syrian resources by President Bashar Al-Assad’s regime. The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) highlighted Syria’s role as the leading producer and exporter of Captagon, a powerful stimulant popular in the Middle East and Europe. The Captagon Trade Captagon is a synthetic drug that is chemically similar to amphetamine and is classified as a stimulant. It is typically used to increase alertness, concen ..read more
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RUSI report on North Korea’s Use of Crypto Currency Mixers
RegtechTimes
by Mayur Joshi
9h ago
The Royal United Services Institute has released a report titled “Maintaining North Korea Sanctions in the Era of Decentralized Finance.” This report dives deep into the intricate world of cryptocurrency mixers and the challenges they pose to international sanctions. It exposes North Korea’s involvement in cybercrime and its use of mixers to launder illegally obtained cryptocurrency. What is RUSI? The Royal United Services Institute (RUSI) is the world’s oldest defence and security think tank, founded in 1831 by the Duke of Wellington. RUSI’s mission is to influence public debate to ..read more
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US Sanctions against Sovcomflot results in decrease in Russian Oil Exports
RegtechTimes
by Mayur Joshi
9h ago
In a recent move targeting oil tankers allegedly breaching price caps, the US imposed sanctions on Sovcomflot, Russia’s state-owned shipping giant, and 14 associated tankers on February 23. This action follows similar measures taken against other shippers involved in transporting Russian oil in recent months. Notably, many of the sanctioned tankers have supplied oil to Indian refiners over the past year, according to ship tracking data. As a result of these sanctions, Indian refiners are now declining deliveries of crude carried by Sovcomflot tankers to avoid potential secondary sanction risks ..read more
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US Sanctions impact 80 Km Pipeline in Pakistan
RegtechTimes
by Mayur Joshi
13h ago
Pipeline Sanctions is the new game in geopolitics. The US State Department has declared its opposition to Pakistan’s proposal to construct a pipeline for importing gas from Iran. A spokesperson for the State Department declined to specify the potential sanctions Pakistan might face for its energy imports from Iran. However, the spokesperson warned Islamabad against proceeding with the plan. “We always advise everyone that doing business with Iran runs the risk of touching upon and coming in contact with our sanctions, and would advise everyone to consider that very carefully,” said the spokesp ..read more
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OFAC Sanctions Hamas Supporter Media Gaza Now
RegtechTimes
by Mayur Joshi
13h ago
Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action against individuals and entities involved in fundraising for the terrorist group known as Hamas. Following the October 7, 2023 terrorist attack on Israel perpetrated by Hamas, Gaza Now engaged in fundraising activities to support the group. What is Gaza Now? Gaza Now News Network is a Hamas-aligned Palestinian news agency based in Gaza. Its Telegram channel, Facebook page, and television station are among the most popular in Gaza, rapidly growing in popularity during the 2023 Israel-Hamas war. Gaza Now, led by its ..read more
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US Sanctions on 6 North Korean Bankers
RegtechTimes
by Mayur Joshi
15h ago
The United States unveiled sanctions targeting six North Korean bankers  and two entities across Russia, China, and the United Arab Emirates for their alleged involvement in funneling funds towards North Korea’s weapons development initiatives. Who is sanctioned? Acting in tandem with South Korea, the U.S. Treasury Department identified the individuals as Yu Pu Ung, Ri Tong Hyok, Han Chol Man, O In Chun, Jong Song Ho, and Jon Yon Gun. Role of North Korean Bankers in Sanctions Evasion The North Korean regime utilizes representatives from state-owned entities and banks stationed overseas to ..read more
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Binance Executive Escapes Custody Amid Nigeria’s Crackdown on Cryptocurrency
RegtechTimes
by Pranav Joshi
2d ago
In a startling development, Nadeem Anjarwalla, a senior official at Binance, the largest cryptocurrency exchange globally, has escaped from jail in Nigeria. Even while criminal investigations into the platform’s operations continue, Anjarwalla, who manages Binance’s operations throughout Africa, was able to escape the nation with a passport that was smuggled out. The office of Nigeria’s National Security Adviser, which made this information public, has made a request for help apprehending the runaway. In the midst of a larger crackdown on Binance by Nigerian authorities, Anjarwalla, who holds ..read more
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Philippine SEC Moves to Ban Binance, Citing Risks to Filipino Investors
RegtechTimes
by Pranav Joshi
2d ago
The world’s largest cryptocurrency exchange, Binance, is being prevented from operating inside the jurisdiction of the Philippine Securities and Exchange Commission (SEC) through a significant action being made by the SEC. Concerns over the safety of Filipino investors’ money and the legitimacy of Binance’s activities in the nation are intensifying, which is why this decision was made. The SEC has taken a strong stand against unlicensed financial operations with its recent actions, particularly with regard to the rapidly expanding cryptocurrency industry. The regulatory authority was given per ..read more
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SEC Seeks $2 Billion in a Landmark No-Fraud Ripple (XRP) Case
RegtechTimes
by Pranav Joshi
2d ago
The U.S. Securities and Exchange Commission (SEC) has made a daring request for a $2 billion penalty against Ripple Labs, a move that has caused a stir in the cryptocurrency sector. This action takes place in the context of continuing legal disputes about the categorization of popular cryptocurrency XRP under US securities regulations and its legal standing. The SEC’s assertive approach underscores the intricate legal framework governing digital assets and its possible ramifications for the wider market, even in the absence of allegations of fraud. Monday’s closing price of $0.6403 for XRP was ..read more
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