{"id":20236,"date":"2023-02-11T13:44:08","date_gmt":"2023-02-11T21:44:08","guid":{"rendered":"https:\/\/coinnetworknews.com\/krakens-staking-down-ftx-post-bankruptcy-hell-binance-news\/"},"modified":"2023-02-11T13:44:08","modified_gmt":"2023-02-11T21:44:08","slug":"krakens-staking-down-ftx-post-bankruptcy-hell-binance-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/krakens-staking-down-ftx-post-bankruptcy-hell-binance-news\/","title":{"rendered":"Kraken’s staking down, FTX post-bankruptcy hell, Binance news…"},"content":{"rendered":"
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Top Stories This Week<\/strong><\/h2>\n

Kraken reaches $30M settlement with SEC over staking as IRS seeks user information<\/strong><\/h3>\n

Kraken has agreed to stop offering<\/a> staking services or programs to United States clients after reaching an agreement with the U.S. Securities and Exchange Commission (SEC). Along with ceasing operations, the crypto exchange will pay $30 million in disgorgement, prejudgment interest and civil penalties. The SEC claims that Kraken failed to register the program as a securities offering. The move has sparked controversy within the SEC. Commissioner Hester Peirce has publicly rebuked her own agency over the shutdown<\/a>, arguing that regulation by enforcement \u201cis not an efficient or fair way of regulating\u201d an emerging industry.<\/p>\n

FTX CEO testifies on \u2018pure hell\u2019 post-bankruptcy days at exchange<\/strong><\/h3>\n

John Ray, who took over as CEO<\/a> of crypto exchange FTX, has described in a court hearing some of the chaotic experiences at the firm following the company declaring bankruptcy. According to Ray, there was \u201cnot a single list of anything\u201d related to bank accounts, income, insurance or personnel, causing a \u201cmassive scramble for information.\u201d As the bankruptcy proceedings continue, the names of two guarantors<\/a> who signed off on part of Bankman-Fried\u2019s $250 million bail bond will remain withheld for now, after a last-minute appeal. In another headline, a federal judge denied a joint agreement<\/a> between Bankman-Fried\u2019s legal team and prosecutors that would allow him to use certain messaging apps, including Facebook Messenger.<\/p>\n

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Binance to temporarily suspend bank transfers in US dollars<\/strong><\/h3>\n

Binance has temporarily suspended<\/a> deposits and withdrawals of United States dollars (USD) through bank accounts. The suspension was not explained, and no other trading methods will be affected. The freeze applies only to international users, as Binance.US claims that its customers will not be affected. The crypto exchange giant has been facing banking challenges in the U.S. Recently, Binance\u2019s SWIFT transfer partner, Signature Bank, said it would only process trades<\/a> by users with USD bank accounts over $100,000.<\/p>\n

<\/strong>Genesis creditors to expect 80% recovery under proposed restructuring plan<\/strong><\/h3>\n

Genesis Global reached an \u201cagreement in principle\u201d<\/a> with Digital Currency Group and its creditors, aiming to return at least 80% of their funds. The agreement will eventually see Genesis\u2019 crypto trading and market-making arm sold as part of restructuring efforts. Effects of Genesis\u2019 bankruptcy reached Cash Cloud<\/a>, an automatic teller machine operator in the United States and Brazil. Genesis is Cash Cloud\u2019s biggest creditor, with a $108 million unsecured loan. Cash Cloud has liabilities between $100 million to $500 million.<\/p>\n

Ethereum co-founder Joe Lubin says no chance ETH is classed as security<\/strong><\/h3>\n

Ethereum co-founder and crypto entrepreneur<\/a> Joseph Lubin is confident that Ether won\u2019t be classified as a security in the United States. \u201cI think it\u2019s as likely, and would have the same impact, as if Uber was made illegal,\u201d he told Cointelegaph in an interview in Tel Aviv at the Web3 event Building Blocks 23. In September 2022, U.S. SEC chair Gary Gensler suggested that Ethereum\u2019s transition to a proof-of-stake (PoS) consensus model might have brought ETH into regulatory spotlight<\/a>.<\/p>\n

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