Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and heavily impacting the payments industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, FTX has been officially ordered by the Commodity Futures Trading Commission (CFTC) to begin repaying victims of the 2022 collapse, whilst Ripple appears to have claimed a victory despite a nine-figure penalty in its long-running battle with the Securities and Exchange Commission (SEC).
FTX victims to begin receiving restitution
The CFTC has ordered the new leadership at FTX to begin repaying the victims of the infamous 2022 collapse which totals out to £12.7bn in restitution fees.
The fraud former CEO Sam Bankman-Fried committed and was subsequently sent to prison for saw billions upon billions of investor money mishandled and ultimately lost, with new CEO John J. Ray III picking up the pieces and beginning a restitution plan to repay those who lost substantial amounts of money.
Division of Enforcement Director, Ian McGinley, stated: ““FTX’s massive fraud collapsed 21 months ago and in that time the CFTC investigated, filed a complaint, and achieved what many thought was impossible at the time of the collapse – a resolution to compensate victims for the losses they suffered.
“I commend our Chicago-based team for their tireless efforts on behalf of FTX’s victims.”
Ripple’s penalty viewed as a win by CEO
In a legal case that has now spanned four years, Ripple Labs were found to have violated over 1,000 institutional sale securities laws and subsequently was handed a $125m penalty.
A New York judge also ruled an injunction against Ripple from any potential future violations of securities laws. Despite this, the verdict this week was viewed as a win by Ripple CEO Brad Garlinghouse.
This is because the SEC was lobbying for a fine of $1.95bn after consistently asserting that its XRP token violated securities laws. The SEC is also believed to be appealing the decision.
Binance makes it return to India
After nearly eight months of being told to take its app down from app stores, Binance has now officially re-entered the Indian crypto market after registering with the country’s Financial Intelligence Unit (FIU).
The FIU had initially ruled that Binance broke anti-money laundering rules last January, but after Binance registered in May and recently paid a $2.25m fine, the world’s largest crypto exchange can relaunch its services in one of the largest crypto markets.
DBS Bank launches new blockchain network
Singapore bank DBS has launched a blockchain network that looks to make liquid management and treasury handling that much easier.
Ant International became the first financial institution to pilot the solution, which looks to streamline workflow and cashflow management, as well as to tap into new cross-border payment possibilities.
Crypto.com scores with UEFA Champions League
Two years after a collapsed deal, Crypto.com has become the UEFA Champions League‘s first and exclusive cryptocurrency partner.
Crypto.com will gain substantial exposure from branding activations during games of one of sport’s largest competitions, and will also look to bring new fan experiences in collaboration with UEFA.
Bitcoin halving impacts crypto gambling
SOFTSWISS revealed its findings into how April’s Bitcoin halving event impacted customers’ use of crypto in gambling.
The crypto igaming platform revealed that bets placed with fiat currencies was significantly higher than that of its crypto counterparts, but crypto bet figures did not fall too drastically.
