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

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

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The biggest news in the cryptosphere on September 23 include the departure of Kraken’s former chief compliance officer to Binance, the new patent infringement lawsuit Coinbase faces, and the Chapter 11 bankruptcy of Bitcoin miner Compute North.

CryptoSlate top stories

Binance Hires Former Chief Compliance Officer of Kraken

Binance hired rival Kraken’s chief compliance officer and said it plans to hire more staff to work in its compliance department.

Steven Christie has left Kraken to become Binance’s new Head of Compliance. He leads a team of 750 people at Binance, including a cyber investigation team.

Bitcoin mining company Compute North files for bankruptcy, CEO resigns

Compute North, a Bitcoin (BTC) mining data center, has filed for Chapter 11 bankruptcy. The company reportedly owes $500 million to nearly 200 creditors, with assets valued at between $100 million and $500 million.

CFTC Fines $250,000 From bZeroX, Charges Ooki DAO With Regulatory Violations

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

The CFTC revealed that bZeroX operated an illegal decentralized trading service between 2019 and 2021. Ooki DAO, on the other hand, faced federal civil enforcement action for allegedly offering illegal leverage and margin trading.

Celsius’ shareholders want their own legal representation in the bankruptcy case

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

Stakeholders claim that the committee of unsecured creditors is prioritizing private clients to ensure they get maximum value without considering the plight of shareholders.

IRS Gets Court Approval to Investigate MY Safra Bank and SFOX User Data for Tax Failure

The International Revenue Service (IRS) has been legally chasing MY Safra Bank users claiming they have not paid their taxes.

On September 22, a US judge granted a petition to the IRS to compel MY Safra Bank to provide information on its taxpayers. After receiving the petition, the IRS also claimed to receive the same information from the main cryptocurrency broker SFOX, saying that MY Safra Bank also provided services to SFOX users.

UK should lower crypto tax rate to boost growth – Matt Hancock MP

Former Digital, Culture, Music and Sport Secretary Matt Hancock said the UK needs to take a long-term approach to crypto-policing.

He said:

“HMRC has taken a revenue maximization approach … applying it with a hammer … we need to take a growth maximization view where revenue will be much higher in the future.”

Currently, UK law treats crypto trading in the same way as other assets and imposes a flat 20% tax rate on all capital gains.

Binance to add opt-in button for 1.2% LUNC fuel tax on all trades

Binance CEO Changpeng Zhao stated that the exchange will implement a participation button for the Terra Luna Classic (LUNC) tax burn.

This button is visible to LUNC holders and they can turn it on if they want to burn 1.2% of their LUNCs every transaction.

Research highlight

Debunking the FUD Surrounding Bitcoin Transaction Fees

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

Attackers are not random people on Twitter. Instead, we see Bitcoin being attacked by the World Economic Forum, national regulators and central banks, claiming that “it consumes more power than the entire world” or “it’s not a secure network”.

News from around the Cryptoverse

Coinbase sues for infringement of crypto transfer technology

Veritaserum Capital LLC has filed a patent lawsuit against Coinbase for allegedly infringing a patent on crypto transfer technology granted to Veritaserum’s founder, Reuters reported on September 23.

Veritaserum claimed that several Coinbase services violated the patent and demanded $350 million in damages.

Crypto Market

Bitcoin (BTC) fell 2.71% in the last 24 hours to $18,675. Ethereum (ETH) also shed 1.38% to settle at $1,285.

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