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US arrests two Chinese nationals for $73M crypto scam

Two Chinese nationals, Yicheng Zhang and Daren Li, have been charged by US authorities in a massive cryptocurrency scam totaling $73 million, dubbed “pig butchering.” The scheme involved laundering funds through US bank accounts to the Bahamas, resulting in arrests in Los Angeles and Atlanta. The defendants allegedly instructed accomplices to establish US bank accounts under the guise of shell companies. Yicheng Zhang was apprehended in Los Angeles on Thursday, following the unsealing of an indictment in the US District…

SEBI’s push for cryptocurrency regulation gains momentum in India

India’s stance on cryptocurrency regulation appears to be evolving, with the Securities and Exchange Board of India (SEBI) advocating for multi-regulator oversight in contrast to the Reserve Bank of India’s (RBI) concerns about potential macroeconomic risks associated with private digital currencies. Documents obtained by Reuters reveal SEBI’s recommendation that various regulatory bodies supervise cryptocurrency trading, marking a significant departure from the country’s previous stringent approach towards virtual assets.…

Biden set to ratchet up tariffs on Chinese imports

U.S. President Joe Biden is poised to unveil new tariffs targeting key sectors, including electric vehicles (EVs), medical supplies, and solar equipment, in a move expected as soon as Tuesday, according to sources familiar with the matter. The anticipated announcement comes against the backdrop of the November presidential election, with Biden, a Democrat seeking re-election, maintaining a firm stance on China that aligns with existing tariffs set by former President Donald Trump, his anticipated Republican challenger.…

Binance, KuCoin receive regulatory greenlight in India

In a significant development for the cryptocurrency industry, Binance, the world’s largest cryptocurrency exchange, and its competitor KuCoin have secured approval from India’s anti-money laundering unit. This decision comes months after both exchanges were banned for purported illegal operations. The registration with the Financial Intelligence Unit of India (FIU-IND), under the nation’s Finance Ministry, marks a pivotal moment for the crypto sector in India. These exchanges were among the nine offshore entities banned at…

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Biden administration opposes repeal of SEC crypto rules

The Biden administration has taken a firm stance against overturning the SEC’s Staff Accounting Bulletin 121 (SAB 121), a move that has sparked controversy within the financial sector, particularly regarding its impact on crypto-related activities. In a statement issued on May 8, the administration emphasized its opposition to H.J. Res. 109, asserting that reversing SAB 121 would disrupt the SEC’s efforts to protect investors in the crypto market and maintain financial system stability. The bulletin, issued in response to…

Binance founder receives four-month prison term in landmark case

Changpeng Zhao, the founder of the world’s leading cryptocurrency exchange, Binance, has been sentenced to four months in prison on Tuesday after admitting to money laundering charges. The sentence was handed down in a US federal court in Seattle, marking a significant development in a case that has drawn global attention. Prior to the sentencing hearing, Zhao, often referred to as CZ, expressed remorse for his actions as CEO of Binance, which he founded in 2017. In a letter addressed to the judge, he acknowledged the…

Bitcoin hits lowest since February, crypto market in tailspin

In the lead-up to the Federal Reserve’s interest-rate decision today, Bitcoin and other cryptocurrencies experienced a significant downturn. Bitcoin, the world’s largest cryptocurrency, hovered around $57,000 during Wednesday’s European morning trading session, marking its lowest point since February’s end and registering its most substantial monthly decline since November 2022. According to CoinDesk data, Bitcoin (BTC) observed a 7.5% drop in the past 24 hours, breaching the critical $60,000 support level late Tuesday.…

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