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WednesdayNov 08, 2023 10:30 am

Jury Finds Sam Bankman-Fried Guilty After One-Month Trial

Sam Bankman-Fried, a prominent figure in the cryptocurrency world and the once-revered “Crypto King,” has been convicted of money laundering and fraud after a five-hour jury deliberation in Manhattan, New York. Bankman-Fried's legal woes began last year when his crypto exchange firm, FTX, declared bankruptcy. FTX, previously valued at a staggering $32 billion, crumbled in November, leaving $8 billion in customer funds unaccounted for. The jury found Bankman-Fried guilty on multiple charges, including deceiving investors and lenders and misappropriating billions from FTX, a sequence of events that played a role in the exchange's collapse. He faced seven counts of money…

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MondayNov 06, 2023 12:00 pm

PayPal Gets UK Nod to Offer Crypto Asset Services

PayPal has officially obtained registration for its cryptocurrency activities in the United Kingdom, according to the Financial Conduct Authority website. This marks a significant step for the global payment giant as it establishes a post-Brexit footprint in Britain. The approval was granted to PayPal U.K. Ltd. on Oct. 31, 2054, making it the fourth company to receive FCA registration for cryptocurrency-related operations in the current year, following in the footsteps of Komainu, Bitstamp and Interactive Brokers. Despite this milestone, PayPal UK.'s journey into the world of crypto won’t be entirely without obstacles, as the regulator has placed certain restrictions on…

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FridayNov 03, 2023 10:30 am

FTX Founder Tells Court He Made Management Mistakes

During his trial, Sam Bankman-Fried acknowledged mistakes in managing FTX, admitting to a series of minor and major mistakes, with his primary regret being the absence of a dedicated risk management team. Bankman-Fried stated that he had, however, not engaged in any fraudulent activities or misappropriated customers’ funds when questioned by his attorney, Mark Cohen. Bankman-Fried shared that he had minimal knowledge of cryptocurrencies before launching FTX. He admitted to a lack of understanding regarding how they operated but recognized their potential for trading. As FTX rapidly expanded from a few million dollars in daily trading in 2019 to tens…

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WednesdayNov 01, 2023 10:30 am

Data Shows Declining Number of Crypto ATMs

The number of cryptocurrency ATMs worldwide has significantly decreased this year, reaching levels not seen since 2021. According to data gleaned from CoinATMRadar.com, the biggest decline was in July, when an astounding 4,123 ATMs stopped working, seriously disrupting the market. Presently, thousands of ATMs have become nonfunctional, the majority of which have faded into obscurity this year. CoinATMRadar.com listed 32,704 cryptocurrency ATMs globally as of mid-October. This figure is in sharp contrast to the all-time high of 39,353 units that was recorded in August 2022, indicating a sharp drop in the number of crypto ATMs — roughly 6,649 — that…

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