WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.
Table of Contents
News
Global
Thailand Cracks Down on Unlicensed Crypto Exchanges to Tackle Cyber Crimes
- Thai officials intend to prohibit unlicensed crypto exchanges from conducting business within the nation in order to combat cyber crimes such as money laundering.
- The Thai SEC advises investors to use the SEC Check First application to verify the platforms’ license registrations before making any investments.
Hong Kong Securities Officials Call for Crypto Self-Regulation
- HKSFPA argues that the Hong Kong financial market is heavily focused on supervision
- Through a dedicated SRO system, the HKSFPA hopes to create a regulatory environment that is both structured and adaptable.
Manitoba In Canada Suspends New Electricity Requests for Crypto Operations Until 2026
- The decision was made to allow Manitoba Hydro more time to thoroughly assess the situation and develop a long-term solution.
- The pause impacts new electricity service requests not yet tied to infrastructure agreements. Existing cryptocurrency operations are not impacted by the extension.
Philippines SEC Directs Removal of Binance from App Stores by Apple and Google
- The Philippines SEC instructed Google and Apple to remove the Binance app for Philippine customers from their respective app stores.
- The SEC has officially identified Binance and determined that the ongoing accessibility of these websites and apps poses a risk to the security of Philippine investors’ funds.
EU Parliament Passes Anti-Money Laundering Bill, Spotlights Crypto Services
- The legislation formalises due diligence requirements for crypto companies as part of the broader effort to tackle money laundering.
- Under the legislation, CASPs must adhere to the same AML regulations as banks for transactions exceeding €1,000.
UK Police Can Now Seize Criminal Crypto Holdings Without Arrest
- With the newfound power to “seize, freeze, and destroy” crypto used by criminals, the NCA and police in the UK can now do more.
- If putting a cryptocurrency back into circulation is thought to be harmful to the general welfare, UK law enforcement will also have the authority to remove it from the market.
Taiwan Prosecutors Propose 20-Year Jail Term in $25 Million Crypto Fraud Case
- Pan and Lin allegedly defrauded over 1,200 investors by heavily promoting low-quality virtual currencies with little to no real-world use
- Prosecutors allege the scheme resulted in estimated total losses of US$24.56 million.
Platform and Tokens
Binance Executive Arrested in Kenya, Facing Possible Extradition to Nigeria
- Nadeem Anjarwalla was reportedly arrested in Kenya following his March departure from Nigeria.
- Following allegations that the exchange had manipulated the naira, the nation’s fiat currency, he first visited Nigeria in February with fellow Binance executive Tigran Gambaryan.
Binance Faces Lawsuit in Canada for Alleged Securities Law Violations
- Canadian class-action lawsuits against crypto exchange Binance are rising, with the plaintiffs claiming the company broke regional securities rules.
- Christopher Lochan and Jeremy Leeder claim that Binance offered cryptocurrency derivatives products in breach of both federal and Ontario securities laws.
US SEC Pursues $5.3B Judgment Against Terraform Labs and Do Kwon
- The US SEC has filed a motion against Terraform Labs and its co-founder, Do Kwon, seeking billions of dollars in disgorgement and civil penalties.
- Terraform, Kwon, and the commission all simultaneously submitted briefs on possible resolutions in the civil case.
Regulatory Hurdles Stall Crypto.com’s South Korea Launch
- Following regulators’ discovery of abnormalities related to money laundering in the platform’s data, Crypto[.]com chose to delay its launch in South Korea.
- After purchasing the local cryptocurrency exchange OKBit, Crypto[.]com was able to secure a domestic VASP in South Korea earlier.
Montenegro Court Decision Challenged by Do Kwon, Alleging ‘Unfounded and Illegal’ Interpretation
- Kwon’s attorneys have appealed a high court ruling that the justice minister of Montenegro should consider his extradition to either the US or South Korea.
- Montenegrin authorities detained Kwon in March 2023 for trying to exit the nation with forged travel credentials.
Samourai Wallet Co-Founders Arrested on AML Charges
- On suspicion of money laundering, the US DOJ and other authorities have detained the co-founders of crypto mixer Samourai Wallet.
- Hill was detained in Portugal the same day as Rodriguez was taken into custody in the early hours of April 24 in Pennsylvania.
SEC Sues Geosyn Mining Over $5.6 Million Fraud
- SEC claims that the defendants raised over $5.6 million from “through the sale of investment contracts.”
- SEC has sought a permanent injunction, the repayment of the alleged misappropriation, and penalties to be levelled against its founders.
Chinese ‘Crypto Dad’ Under Investigation
- Yao Qian, a local pro-blockchain official, is allegedly being investigated by Chinese authorities, who believe she has broken the law.
- Yao continued to be involved in conversations and research related to digital currencies even after leaving the PBoC’s active CBDC development.
Consensys Sues SEC Over Ethereum Regulation
- Due to allegations that the US SEC intends “to regulate ETH as a security,” the software development company Consensys launched a lawsuit against them.
- Consensys claimed that the company’s MetaMask wallet software, which enables users to self-custody ETH and other cryptocurrencies, was the target of an SEC “tune-in.”
Project Updates
WOO X Introduces World’s First Tokenized T-Bills with Retail Investors Access
Crypto Exchange WOO X marks debut of tokenized T-Bills for retail customers. Woo X has also rolled out index-linked meme-coin perpetuals in collaboration with market maker Wintermute.
ZKasino Users Demand Refunds After $33M in Bridged Ether Transferred to Lido
Over 10,000 users deposited $33M in ether to acquire ZKAS, ZKasino’s native token. Contrary to initial promises of returning the bridged ether, ZKasino revealed it had converted the funds into ZKAS.
FBI Urges Public to Avoid Unregistered Crypto Money Services
Regulatory actions against unregistered crypto service providers have been initiated by the FBI. The agency has issued a warning to United States citizens.
Podcasts and Interviews
- “Anthony Pompliano on What’s Next For Bitcoin?!” podcast by Bankless
- “Economics of Bitcoin” podcast by What Bitcoin Did
- “Bitcoin Halving Complete And Bitcoin Is Pumping” podcast by Scott Melkar
Job Listings
- Mechanism Designer | Nethermind
- Research Engineer | Nethermind
- People Operations Support | Ethereum Foundation
- Protocol Engineer | Waku
- Software Engineer and Staff Software Engineer | MetaMask Staking
2k24 Events
- Gitcoin Grants 20 from April 23 to May 7
- ETHGlobal Sydney hackathon from May 5 to May 7
- ETH Bratislava conference & hackathon from May 10 to May 11
- ETHBerlin hackathon from May 24 to May 26
- ETHDublin hackathon & conference from May 31 to June 2
As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!
