The week is over and a lot has happened in crypto news again this week. In this Crypto Rewind edition you can read about a controversial European law, an update in Ripple’s XRP lawsuit and the last chance to grab a 20 free welcome bonus at Bitvavo.
EU scraps controversial crypto law
The European Union is busy developing and introducing all kinds of crypto laws. Recently it became clear that it wanted to take a number of controversial steps. For example, the EU wanted to ban crypto transactions with a value of more than 1,000 euros.
The limit would apply to companies if they wanted to make transactions with self-managed crypto wallets. So there will be no ban. However, companies that want to send transactions to customers’ self-managed wallets must verify the customer’s identity when it concerns transactions of more than 1,000 euros in crypto.
In other controversial news, self-managed wallets would become completely illegal. That later turned out not to be the case. In this article we take a deeper dive into the new laws and regulations.
Ripple may be fined $2 billion in XRP lawsuit
The Ripple lawsuit is still not completely over. Although Ripple managed to achieve big wins, this week it turned out that the Securities and Exchange Commission (SEC) still does not intend to completely throw in the towel.
Now the SEC is demanding that Ripple pay back $876 million in improper profits. On top of that, it wants to pay another $198 million in interest and a fine of $876 million. This brings the total amount to $1.95 billion. Ripple itself is of course not happy with this at all.
Major crypto exchange KuCoin sued
It has been known for some time that the United States is on a warpath in crypto land. This became clear again this week. KuCoin, a major international crypto exchange, was sued. The founders of the platform are also being taken to court.
According to American authorities, the founders tried to conceal the fact that they also have American users. This allowed them to circumvent US anti-money laundering laws. In total, 9 billion dollars in illegal transactions are said to have taken place.
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Crypto king SBF is told how long he has to go to jail
Finally, there was of course the big news surrounding FTX’s ex-CEO Sam Bankman-Fried. The man behind the fiasco that is FTX, once a gigantic exchange but now bankrupt, was told that the judge wants to put him behind bars for 25 years.
Naturally, SBF will appeal. With the 25-year sentence, the fallen crypto king could still get away with only 12.5 years behind bars.
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2024-03-31 14:19:40
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